Coinbase Down 20% as Base, ETFs Expand Beyond Exchange
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- Coinbase launched the Base blockchain in August 2023, making it the first publicly traded company to build its own blockchain; Base has since become a hub for DeFi, real-world asset tokenization, and AI-agent payments.
- Coinbase rolled out an 'Everything Exchange' strategy in December, expanding tradeable assets from hundreds to tens of thousands on a 24/7 basis, a move the author says could boost revenue and profitability for years.
- Coinbase recently launched stock and ETF trading for U.S. customers and partnered with Kalshi to offer prediction markets, extending its platform far beyond crypto.
- Coinbase now offers Crypto-as-a-Service to financial institutions building digital asset products and serves as the 'digital vault' custodian for Wall Street's crypto ETFs.
- Coinbase stock is down 20% in 2026, with the author arguing the decline reflects investor fears over Bitcoin's price drop rather than the company's infrastructure diversification.
Why it matters: If the author's thesis holds, the 20% 2026 decline creates a disconnect between Coinbase's fundamentals — Base blockchain traction, ETF custody mandates, and the Everything Exchange launch — and its valuation as a pure crypto-price proxy. Investors who buy the infrastructure argument gain exposure to revenue streams (CaaS, ETF custody, prediction markets, stock trading) that are not tied to Bitcoin's price cycle.
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