Coinbase Stock Bull Case Tied to Crypto Going Mainstream

Coinbase is the largest crypto exchange and a big bet on crypto going mainstream like Tesla did for EVs. There is a disconnect between Wall Street and crypto revenue potential.

Coinbase makes money mainly from exchange fees today, but staking revenues are likely to increase over time as part of a "crypto super-app".

Coinbase has the largest crypto user base which provides distribution and scaling advantages for new products.

Base Layer 2 network allows batching transactions before settling on Ethereum Layer 1, generating $30M in sequencer revenue.

Crypto-native revenue potential misunderstood by Street analysts who view Coinbase as just an exchange.