Core Viewpoint - Bernstein maintains an outperform rating and a $510 price target for Coinbase (COIN), despite market pullbacks and bitcoin volatility affecting sentiment in crypto-linked equities [1] Group 1: Market Context - The current market setup is described as "fragile," with volatile price actions in crypto impacting public-market proxies [1] - The downturn in the crypto market is not seen as similar to previous busts, as the underlying businesses are holding up better and speculative excess is more narrowly concentrated [2] Group 2: Coinbase's Business Strategy - Coinbase is shifting towards reducing its dependence on spot trading by developing an "everything exchange," aiming to become a full-stack financial platform [3] - Stablecoins have become a significant revenue contributor for Coinbase, although ancillary businesses like staking and custody are often viewed as merely another form of crypto beta [3] Group 3: Regulatory Environment - Clearer U.S. regulatory rules are viewed as a key catalyst that could enhance Coinbase's expansion and reduce the competitive advantage of offshore rivals [4] Group 4: Token Issuance and Product Development - Coinbase is increasing its focus on token issuance through a launchpad-style approach, which could generate success-fee income and create a flywheel effect of more issuances leading to higher trading activity [5] - A product showcase scheduled for December 17 is anticipated to highlight new areas beyond spot trading, including tokenized equities and prediction markets [6] Group 5: Expansion into Derivatives and Consumer Products - There is a growing push into derivatives, aided by Deribit, which may align Coinbase more closely with broker-dealers like Robinhood as both models expand their product offerings [7] - The Coinbase Base app is identified as a potential on-ramp that integrates wallet functionality, payments, and social features, providing broader token access through on-chain integrations [7]

The US derivatives regulator is giving firms more time to defend themselves when they are targeted with enforcement actions https://t.co/8LnQB0YGXq ...

RT Jonaso (@Jonasoeth)The trend of PerpDEX in 2025 is very clearNew platforms and old giants are all coming back stronger.New stars like Hyperliquid and Aster helped make derivatives a true product market fit.But at the same time, older giants from last cycle $GMX and $dYdX are showing a big comeback.If you look at the fees from the last 6 months, GMX and dYdX both grew over 1,000% in fee generation.This shows the whole derivatives sector is heating up again.And the next wave of competition will be even mor ...

Derivatives (Led by Perp DEX) Now Rank #2 in 7d Fees Across All Sectors https://t.co/1BtJ68MmtB ...

Business Development - Robinhood will establish a futures and derivatives exchange through a joint venture with Susquehanna [1] - The new exchange is expected to begin operations in 2026 [1] Strategic Focus - The joint venture aims to expand Robinhood's prediction markets offerings [1]

Core Insights - The investment philosophy focuses on deep fundamentals, impactful narratives, and Austrian economics, with a primary emphasis on long-horizon research in digital assets and macroeconomic trends [1] - Short-horizon research is directed towards options and volatility for income generation and hedging purposes [1] Digital Assets - Long-horizon research will prioritize digital assets as a key area for investment opportunities, reflecting a global macro view [1] Macroeconomic Considerations - A global, long-run macro perspective serves as the foundation for investment considerations, indicating the importance of macroeconomic factors in shaping investment strategies [1] Derivatives - Short-horizon strategies will utilize options and volatility to generate income and provide hedging against market fluctuations [1]

Every chain wants perps.Few can handle them.Sui’s low latency and native composability are enabling designs no other chain can touch.Here’s how five teams are pushing onchain derivatives forward 👇 ...

Deutsche Boerse and Nasdaq risk hefty EU fines after the bloc’s antitrust watchdog opened a full-scale investigation into a suspected cartel linked to listing, trading and clearing of derivatives https://t.co/t6mWgSGPLh ...

Brad Garlinghouse was just announced to be a speaker at an upcoming XRP event scheduled for February 27th of 2026, aka XRP Australia from Wave of Innovation. This is definitely going to be a very exciting event. I recently talked about it in a video um recently as well.So, I'm excited for this one, especially considering the fact that it's very similar to like XRP Apex where we will see a lot of great discussions around the XRP ecosystem, what's coming, what's happening, and really kind of what's just plann ...

Derivatives allowing investors to bet against Meta’s bonds began actively trading for the first time this week, as money managers and banks look to hedge their exposure to an industry that has been piling on debt to pay for AI investments https://t.co/sEDPoD7IOM ...