RT Bitcoin Magazine (@BitcoinMagazine)Borrowing against #Bitcoin? Do it with confidence. 🙌Coinbase’s integration with Morpho is fast, flexible, and available in the U.S (ex-NY).👉 https://t.co/ssQc43cOGt#Coinbase #Ad https://t.co/BRcxewEMVj ...

base token farmers spending 6 months chasing a $700 average airdrop at $50b fdv. same capital in aero captures 20% of $5.3b base tvl at $1.1b market cap. farming 5m users splitting $3.5b versus owning the protocol processing 56% of l2 revenue. coinbase needs the token more than farmers need the airdrop. ...

Core Insights - The digital asset industry, including cryptocurrencies, is becoming more established in global markets, prompting S&P Dow Jones Indices to create tools for market participants to evaluate this segment [1][2] - S&P Dow Jones Indices plans to launch the S&P Digital Markets 50, which will track 15 major cryptocurrencies and 35 U.S.-listed companies in the crypto space [2] - Financial institutions are motivated to innovate in the crypto and tokenization space to generate new revenue streams and avoid being outpaced by competitors [3][9] Tokenization and Market Trends - Tokenization allows real-world assets to be traded on a blockchain, although full tokenization of the stock market is still a distant goal [4] - Companies like Robinhood and Coinbase are exploring the tokenization of stocks, indicating a growing interest in this area [4][5] - The demand for prediction markets is increasing, with platforms like Polymarket and Kalshi processing significant volumes, suggesting a shift in market dynamics [7][14] Financial Incentives and Business Strategies - Financial institutions adopt new technologies primarily for business incentives rather than mere innovation [10] - Retail brokerages like Robinhood seek to maintain customer engagement through new product offerings, such as prediction markets, especially during unfavorable market conditions [12][11] - As prediction markets grow, they may eventually rival the stock market, prompting traditional exchanges to diversify their offerings [14][15] Retail Investor Demand - The movement of established financial institutions towards crypto and prediction markets reflects a strong demand from retail investors [16]

Group 1 - The article discusses Coinbase and its two income-generating wrapper ETFs, summarizing findings from analyses on income plans and cryptocurrencies [1] - The author has over 20 years of experience in quantitative research, financial modeling, and risk management, focusing on equity valuation and market trends [1] - The research approach combines rigorous risk management with a long-term perspective on value creation, emphasizing macroeconomic trends and corporate earnings [1]

Key Metrics - Base 链 TVL 达到 53 亿美元，未采用代币激励措施 [1] - Coinbase 的 L2 网络上有超过 200 种代币化股票 24/7 全天候交易 [1] - Base 链拥有 Aerodrome DEX 的交易流量 [1] User Base & Access - 1.1 亿已验证用户可以默认访问链上股票 [1] Value Capture - COIN 股票捕获价值 [1]

Cryptocurrency Transfer - 174 million USDC (价值 173.86 million USD) 从未知钱包转移到 Coinbase [1]

Core Viewpoint - Coinbase is applying for a national trust charter to expand its services and foster institutional adoption of cryptocurrency, aligning with its goal to become a super app for financial services [1][2][3]. Group 1: National Trust Charter Application - Coinbase has joined other cryptocurrency companies in applying for a national trust charter from the Office of the Comptroller of the Currency [1]. - If approved, the charter would allow Coinbase to offer custody, asset management, and related services nationwide under a single license, although it would not permit lending or taking insured deposits [4]. - Currently, Anchorage is the only cryptocurrency company that holds a trust charter, which it received in 2021 [4]. Group 2: Strategic Goals and Vision - Coinbase aims to innovate and expand its product offerings beyond custody, including payments and related services, with regulatory clarity [2]. - CEO Brian Armstrong has expressed a vision for Coinbase to replace traditional banks, positioning it as a primary financial account for users [5][6]. - Armstrong believes that the cryptocurrency industry can provide more efficient financial services than traditional banks, citing high transaction fees as an example of inefficiencies in the current financial system [6][7].

Market Activity & Performance - Binance and Coinbase reported degraded performance with transactions [1] - Heavy market activity is the cause of the degraded performance [1]

Market Overview - The three major U.S. stock indices experienced significant declines, with the Dow Jones falling by 1.9%, the Nasdaq dropping by 3.56%, and the S&P 500 decreasing by 2.71%. The Nasdaq and S&P 500 recorded their largest single-day declines since April [1] Sector Performance - Large-cap technology stocks saw widespread losses, with Broadcom down nearly 6%, Tesla falling over 5%, Amazon decreasing close to 5%, Nvidia dropping over 4%, and Apple, Meta, Microsoft, and Google all declining by more than 2% [1] - The semiconductor and cryptocurrency sectors faced the steepest declines, as evidenced by the Philadelphia Semiconductor Index plummeting by 6.32%. Notable declines included Circle down over 11%, Arm down over 9%, and AMD, Qualcomm, and Coinbase each down over 7% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 6.1%, accumulating a weekly decline of 8.37%. Popular Chinese stocks also suffered, with NIO and Kingsoft Cloud both down over 10%, and Bilibili down over 9%. Other significant declines included Baidu, Alibaba, and Xpeng each down over 8%, and JD.com down over 6% [1]

Core Points - Coinbase Global, Inc. will publish its third quarter 2025 shareholder letter, including financial results, on October 30, 2025, after market close [1] - A question and answer session will be held at 2:30 p.m. PT on the same day to discuss the financial results [1] - Shareholders can submit and upvote questions starting October 23 at 9:00 a.m. PT, with the platform remaining open until 24 hours before the earnings call [2] Disclosure Information - The company utilizes its Investor Relations website, blog, press releases, public conference calls, and social media channels for disclosing material non-public information [3] Company Overview - Coinbase aims to increase economic freedom for over 1 billion people by providing a trusted platform for engaging with crypto assets, including trading, staking, and global transfers [4] - The company supports onchain activity and advocates for responsible regulations to make the benefits of crypto accessible worldwide [4]