Core Viewpoint - The author expresses skepticism towards cryptocurrencies, highlighting a lack of personal investment in the sector and only having exposure through an investment in Coinbase, the largest US crypto exchange [1]. Company Summary - Coinbase (NASDAQ: COIN) is identified as the largest US crypto exchange, which has provided returns on investment for the author [1]. Industry Summary - The article reflects a broader skepticism within the investment community regarding the viability and future of cryptocurrencies, suggesting a cautious approach to investments in this sector [1].

Group 1 - Coinbase is preparing to launch a prediction market business, allowing cryptocurrency customers to bet on events such as elections and sports, supported by technology from Kalshi [1] - The announcement of the prediction market and other products is expected during the "Coinbase System Update" event on December 17 [1] - This move is part of Coinbase's strategy to become an "all-in-one exchange," with CEO Brian Armstrong exploring opportunities in the prediction market sector [2] Group 2 - The prediction market sector is becoming increasingly competitive, with companies like Polymarket and Crypto.com also entering the space [1][3] - Coinbase's collaboration with Kalshi may not be exclusive, as the company has investments in both Polymarket and Kalshi, potentially creating new revenue streams [3] - Kalshi has recently expanded its business by hiring Max Crowley as VP of Business Development and Saurabh Tejwani as CFO, with plans for an IPO in the future [4] Group 3 - Kalshi raised over $300 million in funding, achieving a valuation of $5 billion, a significant increase from $2 billion in June [4] - Polymarket also secured up to $2 billion in funding from the Intercontinental Exchange, reaching a valuation of $8 billion [4]

🇧🇷 UPDATE: Coinbase is rolling out its “DeFi Mullet” DEX integration to Brazil, giving users access to over 10,000 tokens on Base without leaving the Coinbase app. https://t.co/2c5S5spc2O ...

Core Insights - The Pulse of Crypto — Singapore 2025 survey indicates a growing maturity in Singapore's cryptocurrency market, with increased ownership and cautious allocations among retail investors [2][4][10] Group 1: Survey Findings - 61% of finance-forward Singaporeans reported holding cryptocurrency, indicating a shift from niche participation to mainstream retail finance [7][8] - The average self-reported portfolio allocation to crypto is between 6% and 12%, reflecting interest with a limited risk appetite [8] - Trust is the primary factor in exchange selection, with 65% of respondents prioritizing it over fees (42%) [8] Group 2: Education and Trust - The report emphasizes the need for targeted educational initiatives to close knowledge gaps and reduce reliance on social media for information [9] - Platforms are encouraged to enhance security, transparency, and regulatory compliance to build consumer confidence [9] Group 3: Growth Opportunities - The report outlines priorities for the financial and crypto ecosystem in Singapore, focusing on inclusive access, diversified participation, and responsible long-term allocation [9]

Core Insights - The Pulse of Crypto — Singapore 2025 survey indicates a growing maturity in Singapore's cryptocurrency market, with increased ownership and cautious allocations among retail investors [2][4][10] Survey Findings - The survey involved 3,513 active retail investors and crypto-curious individuals in Singapore, conducted from August 15 to 19, 2025 [2] - 61% of respondents reported holding cryptocurrency, suggesting that crypto is becoming a mainstream component of retail finance in Singapore [7][8] - The average portfolio allocation to crypto was reported to be between 6% and 12%, indicating a moderate risk appetite [8] - A significant 58% of respondents identified as "long-term holders," while only 22% considered themselves "active traders," reflecting a preference for longer holding periods [8] Trust and Education - Trust emerged as the primary factor in selecting cryptocurrency exchanges, with 65% of respondents prioritizing it over fees, which were considered by 42% [8] - Most respondents (62%) learned about cryptocurrency through social media, highlighting both accessibility and the risk of misinformation [8][9] Recommendations for Growth - The report outlines three key priorities for the development of Singapore's financial and crypto ecosystem: 1. Education: Initiatives to close knowledge gaps and reduce reliance on social media for information [9] 2. Trust: Emphasizing security, transparency, and regulatory compliance to enhance consumer confidence [9] 3. Growth: Focusing on inclusive access and responsible long-term allocation aligned with individual risk tolerance [9] Company Collaboration - MoneyHero Limited collaborated with Coinbase to produce the survey, aiming to provide data-driven insights into consumer sentiment regarding digital assets [6][10] - The partnership reflects a commitment to financial literacy and transparency in the evolving cryptocurrency landscape [6][10]

Core Viewpoint - Coinbase (COIN) stock is seen as a potential buy-the-dip opportunity due to its significant decline amid broader market concerns, trading at approximately $257, which is over 40% below its all-time high of $444 [1][10] Company Performance - Coinbase's stock has dropped over 25% this month, correlating with Bitcoin's price falling below $100,000, impacting investor sentiment and fee revenue [1][2] - Despite the recent downturn, Coinbase exceeded Q3 expectations and maintains a cautiously optimistic outlook, citing resilient liquidity and a supportive macro environment [3] Financial Projections - Total sales for Coinbase are projected to rise by 11% this year and by another 13% in fiscal 2026, reaching $8.3 billion [4] - Zacks Consensus Estimates indicate current quarter sales of $1.94 billion and next quarter sales of $2.01 billion, with year-over-year growth estimates showing a decline of 14.61% for the current quarter [5] - Annual earnings are expected to increase by 5% in FY25 to $8.01, but FY26 EPS is projected to fall to $5.87 due to anticipated lower trading activity and fee compression [5][6] Balance Sheet Strength - Coinbase's cash and equivalents have increased to over $13.5 billion, with total assets at $31.35 billion, significantly exceeding total liabilities of $15.32 billion [8] Valuation Metrics - The price-to-forward earnings ratio for COIN is currently at 32X, a significant reduction from a one-year high of 90X and a median of 65X, indicating a more reasonable valuation [10][11] Investment Sentiment - Coinbase is considered a strong candidate for buy-the-dip strategies, but a positive revision in FY26 EPS will be necessary to support a buy rating [11][13]

Core Insights - Coinbase is preparing for a significant expansion by introducing new features, including a prediction market tool and a stock-trading interface, as revealed by leaked screenshots [1][2][3] Group 1: Leaked Features - The leaked screenshots indicate that users may soon engage in prediction markets, allowing bets on real-world events, such as political developments [2] - Coinbase is also experimenting with integrating stock and ETF trading directly within its app, which would mark a significant shift in its service offerings [2][3] Group 2: Market Positioning - If these features are launched, Coinbase will compete directly with traditional brokerages by adding stock trading to its platform, expanding beyond its crypto trading roots [3] - The introduction of a prediction market tool represents a new product category for Coinbase, indicating its ambition to evolve into a broader financial services platform [3] Group 3: Industry Context - Kalshi, the company behind the prediction market tool, has processed approximately $17 billion in total volume, while Polymarket has seen over $34 billion, highlighting user interest in speculation platforms [4] - Coinbase's established user base for crypto trading provides a strong foundation for introducing these new features, as it will not be starting from scratch [5] Group 4: Future Considerations - Key questions remain regarding the availability of these features across U.S. states, the nature of stock trading (fractional vs. full shares), and the regulatory challenges associated with prediction markets and traditional equities [6]

Culture & Strategy - A strong culture fuels the mission [1] - Focus on building, minimize distractions [1] - Implementing "shocking rules" can inspire a strong team culture [1] - Coinbase has four key rules to shape its culture [1] Coinbase's Cultural Rules - No political discussions in the workplace [1] - Committees require approval before formation [1] - All hiring decisions are subject to veto [1] - Standardized decision-making processes are in place [1]

Coinbase did not deny leaks of a future prediction market integration and stock trading feature, teasing a "new era" for the crypto platform. https://t.co/N0ZjK8B4fA ...

San Francisco, CA, Nov. 19, 2025 (GLOBE NEWSWIRE) -- purrLabs, Inc., the pioneering IP house redefining how the world experiences intellectual property, today announced a strategic partnership with District.xyz, the leading Internet Capital Markets (ICM) launchpad backed by a16z, Alliance, and Initialized Capital, and built on Base, Coinbase’s L2 blockchain network. Together, the two companies will present, educate, and build a new category of capital markets: IP Capital Markets (IPCM) — a concept being dri ...