$COIN

(Admittedly would have been better before this afternoons rally - fundementals are still there though)

My thesis is that long term Coinbase is going to be “the” on ramp platform for crypto (it's started, but next cycle we will see much greater participation from everyday consumers) and will act the equivalent to banks in the crypto space. Yes you can hold your currency under your pillow (or in a hard wallet) but most consumers won't.

Over time we will see coinbase revs move from trading revs (race to the bottom) to lending, staking, Coinbase Earn and ancillary services that coinbase provides. Enough cash on balance sheet to whether the a downturn in trading for 2.5/3 years

Finally, Coinbase has worked hard since founding to work within regulatory frameworks. This should work massively in their favour when 1) government starts adding regulation after this massive UST (terra) meltdown & 2) as Central Bank Digital Currencies are introduced