Core Viewpoint - Coinbase plans to apply for a national trust company charter to expand its payment and related services while clarifying that it does not intend to become a bank [1][2]. Group 1: Company Strategy - The national trust charter is expected to streamline oversight for new offerings and facilitate innovation in integrating digital assets into traditional finance [2]. - Coinbase launched a new platform called Coinbase Payments in June 2025, designed to support stablecoin transactions for online marketplaces [2][3]. - The platform aims to provide small-to-medium sized businesses with alternatives to traditional card payment fees, with Shopify already integrating Coinbase Payments [3]. Group 2: Partnerships and Collaborations - In July, JPMorgan Chase and Coinbase formed an alliance to enhance transaction capabilities for shared clients, allowing JPMorgan customers to link their bank accounts to Coinbase wallets [3][4]. - Other cryptocurrency firms, including Circle, Ripple Labs, and Paxos, have also submitted applications for national trust charters, indicating a trend in the industry [4].

Core Insights - Hyperliquid remains a leading player in the Perpetual Decentralized Exchange (Perp DEX) market despite a significant drop in market share from 45% to 8% due to increased competition from new entrants like Aster [2][6] - Aster, backed by Binance, has rapidly gained market share, with its trading volume skyrocketing from $11 billion to over $270 billion in just one week, capturing more than 50% of the market [4][6] - The overall market for Perp DEXs is experiencing a long-term uptrend, with their share of centralized exchange (CEX) perpetual volume increasing from less than 2% in 2022 to over 20% recently, indicating a growing acceptance of decentralized trading platforms [3] Market Dynamics - Hyperliquid's primary competition comes from Aster, which has emerged as a formidable challenger, significantly impacting Hyperliquid's volume share [3][4] - Other platforms like EdgeX and Lighter have also seen substantial volume growth, but their market share has declined due to Aster's rapid rise [4][6] - The competition among DEXs is currently focused on incentivizing trading volume through future airdrops, with the hope that this volume will become "sticky" [5] Performance Metrics - Hyperliquid's open interest remains a critical metric for assessing liquidity and user interest, with the platform maintaining a dominant market share of 62% in this regard [5] - Despite the decline in volume share, Hyperliquid's revenue-producing volume has remained steady, suggesting resilience in its business model [5]

The top 10 largest crypto exchanges in the world are ramping up their hiring efforts, with over 1,600 open roles currently being advertised. That’s according to an analysis into these companies’ advertised roles made by DL News. The investigation examined the 10 largest exchanges by volume, as listed on CoinGecko. And with the industry making inroads across Wall Street and Silicon Valley alike, recruiters in this space are feeling a buzz around recruitment that the industry hasn’t seen since before the 2 ...

We recently published 10 Stocks With Double-Digit Upsides. Bullish (NYSE:BLSH) is one of the top performers on Thursday. Bullish saw its share prices increase by 11.68 percent on Thursday to finish at $67.91 apiece as investors repositioned portfolios ahead of the upcoming launch of its cryptocurrency options trading. In a statement, Bullish (NYSE:BLSH) said the upcoming launch of its crypto options trading is expected on October 8th. This is a new crypto options trading platform for institutional custom ...

Wall Street's perception of cryptocurrencies continues to improve, and Coinbase Global (NASDAQ: COIN) is increasingly seen as one of the best-positioned companies to benefit from the trend. Analysts a... ...

Core Insights - The crypto exchange is actively diversifying its revenue streams, indicating a strategic shift to enhance financial stability and growth potential [1] Group 1 - The diversification strategy is supported by insights from Rothschild & Co Redburn, highlighting the importance of multiple revenue sources in the volatile crypto market [1]

Core Insights - A new thesis from DeFi analyst Patrick Scott suggests that Hyperliquid, despite losing market share, remains the most investable decentralized exchange (DEX) for perpetual futures [1] Market Overview - The perpetual futures market has seen a significant shift, with decentralized platforms (perp DEXes) increasing their share from less than 2% of centralized exchange (CEX) trading volume in 2022 to over 20% recently [2][3] Hyperliquid's Performance - Hyperliquid's market share of perp DEX volume has dropped from 45% to 8% in recent weeks, while Binance-affiliated Aster has surged to over $270 billion in weekly trades [4] - Despite this decline, Hyperliquid continues to generate strong revenue and maintains a significant open interest, commanding about 62% of the perp DEX open interest market [5] Future Prospects - Hyperliquid is expanding with initiatives like the HyperEVM network, which hosts over 100 protocols and has $2 billion in total value locked, and the USDH stablecoin backed by reserves held with BlackRock and Superstate [6] - The HIP-3 initiative aims to allow builders to launch new perp markets by staking large amounts of HYPE, creating a "supply sink" for the token [6] Investment Thesis - Scott's thesis hinges on Hyperliquid's ability to maintain open interest and revenue levels, as well as the liquidity of USDH over the next year [7]

Core Insights - Bullish, a cryptocurrency-exchange operator, plans to introduce options trading on its platform, indicating a strategic expansion in its service offerings [1] Company Developments - The addition of options trading is a significant step for Bullish, which also owns the crypto news and data platform CoinDesk [1]

Core Insights - Crypto.com is launching a feature allowing customers to borrow against their crypto deposits, inspired by a similar offering from Coinbase [1][2] - The partnership with Morpho, a leading decentralized finance lending protocol, will enable Crypto.com to provide DeFi-backed loans on its Cronos blockchain [1][3] Company Developments - Crypto.com is the sixth-largest crypto exchange globally, processing $86 billion in trades last month [3] - The integration with Morpho is expected to go live before the end of the year, making Crypto.com the second exchange to offer such loans [3] - Morpho's previous partnership with Coinbase has been successful, with total loans surpassing $1 billion [4] Industry Trends - Crypto lending is becoming the dominant use case in decentralized finance (DeFi), with deposits to DeFi lending protocols reaching an all-time high of $138 billion in September [5] - Morpho has increased its deposits by 121% this year, totaling $11.5 billion, capitalizing on the growing demand for DeFi lending [5] - The "DeFi mullet" strategy is being adopted by many protocols, simplifying user interaction with DeFi while hiding the complexities behind centralized exchanges [7]

Core Viewpoint - The current government shutdown is impacting financial stocks, but Coinbase Global is positioned favorably due to its business model and growth potential [1][3][9] Company Overview - Coinbase Global is a leading cryptocurrency exchange operating in over 100 countries, facilitating the trading of Bitcoin, Ethereum, and other cryptocurrencies [4] - The platform currently holds $425 billion in assets and has a quarterly trading volume of $237 billion [4] Financial Performance - In the second quarter, Coinbase reported net revenue of $1.42 billion, an increase from $1.38 billion year-over-year, with net income rising to $1.43 billion from just $36 million a year ago [5] - Revenue has surged nearly 3,000% over the past three years, while net income has increased by 200% during the same period [5] Analyst Sentiment - Among 34 analysts covering Coinbase, half have a strong buy or buy rating, while 15 have a hold rating, with a consensus price target of $371, indicating a 7% short-term upside [7] - The most optimistic analyst has set a price target of $510, suggesting a potential upside of 43% [7] Business Model and Subscription Plan - Coinbase offers a subscription plan called Coinbase One Basic, which provides zero-fee trades for $5 monthly, similar to Robinhood's premium subscription model [8] - The increase in cryptocurrency trading during the government shutdown is expected to benefit Coinbase's stock performance [9]