Shares of Coinbase (NASDAQ: COIN) have plunged over 30% from their late October peak of $343.78, closing at $269.73 on December 5. ...

Binance just secured three fresh licenses from the Financial Services Regulatory Authority (FSRA) in ADGM (Abu Dhabi Global Markets). The largest crypto exchange is now the first crypto exchange to secure a global license under its framework. FSRA, for those who don’t know, is the financial watchdog that oversees financial activities within ADGM, Abu Dhabi’s international financial hub. The announcement came through a press release shared by ADGM on 8 December 2025. It confirms FSRA’s approval of license ...

When stock or crypto prices go down, volumes generally dry up, especially those coming from retail traders. With the recent crypto downturn wreaking havoc with people’s portfolios, Coinbase (COIN) is feeling the heat. The company’s stock was already in a downtrend, but recent downward EPS revisions from Argus Research have only added fuel to the fire. Argus has argued that COIN stock is overvalued compared to its peers and does not merit a “Buy” rating at current high valuations. The 2026 EPS estimate has ...

Core Insights - Bitkub, Thailand's leading cryptocurrency exchange, is considering a $200 million IPO in Hong Kong by 2026, reflecting challenges in Thai capital markets and Hong Kong's rise as a digital asset hub [1][5] Company Strategy - Initially, Bitkub planned a domestic listing on the Stock Exchange of Thailand for 2025, as stated in a 2023 shareholder letter, and was in the process of hiring financial advisers for this purpose [2][3] - The company aims to become a pioneering Thai-nationality tech firm, emphasizing its commitment to democratizing value in Thailand [3] Market Conditions - Thailand's stock market has faced significant challenges, with the SET Index dropping nearly 30% in 2025, making it one of the worst-performing markets [4] - Thai listings have experienced a weighted average decline of over 12%, prompting Bitkub to explore international options [4][5] Company Performance - Bitkub, founded in 2018, remains the top centralized crypto exchange in Thailand, offering 237 coins and 240 trading pairs, with a 24-hour trading volume of $66.3 million [6] - The exchange's total assets exceed $800 million, and it holds a Trust Score of 7 out of 10 on CoinGecko [6] Industry Trends - Hong Kong's crypto market is thriving, with digital asset-related bank transactions reaching HKD 26.1 billion in the first half of 2025, a 233% increase from the previous year [8] - Bitkub's potential IPO would align it with other firms like HashKey Group, which is also pursuing a public listing in Hong Kong [7]

Core Viewpoint - Coinbase is reincorporating in Texas, reflecting a trend of companies moving away from Delaware due to its unpredictable legal environment and towards states with more favorable business conditions [1][2][8]. Group 1: Company Moves - Coinbase has announced its decision to reincorporate in Texas after a majority of its stockholders voted in favor [1]. - This move is part of a broader trend where several large companies, including Tesla and Trump Media & Technology, have shifted their legal headquarters from Delaware to states like Texas and Florida [4]. Group 2: Texas Business Environment - Texas is becoming a popular destination for U.S. corporations due to its favorable business environment, including friendlier tax rules and lighter regulatory regimes [2]. - The state has established a specialized business court system aimed at creating a more predictable legal framework for companies [9]. Group 3: Legal Environment Comparison - Coinbase's chief legal officer highlighted that Delaware's Chancery Court has experienced unpredictable outcomes in recent years, prompting companies to seek more stable legal environments [6][8]. - Texas is viewed as offering greater efficiency and predictability in legal matters, which is appealing to businesses [9].

Core Insights - Coinbase's earnings for Q3 2025 surged over 400% year-over-year, with net income reaching $432.6 million compared to $75.5 million in Q3 2024, translating to $1.50 per share, exceeding analysts' expectations of $1.10 [3][4] - Revenue for the quarter was $1.8 billion, with $1 billion attributed to transaction fees as trading volumes increased due to rising Bitcoin and Ether prices [4] - Coinbase's CEO Brian Armstrong made headlines during the earnings call by referencing key industry terms, which some interpreted as a potential manipulation of prediction markets [2][5] Financial Performance - Net income for Q3 2025 was $432.6 million, significantly higher than the previous year's $75.5 million [3] - Revenue exceeded expectations at $1.8 billion, driven by a spike in trading volumes [4] - The exchange's performance remained robust even during market downturns, as noted by Armstrong [5] Market Position - Coinbase now supports a wide range of cryptocurrencies, representing 90% of the total market capitalization in the industry [4] - The exchange's core business is described as "incredibly strong" by Armstrong, indicating a solid market position [5]

Core Insights - Coinbase has reported a significant increase in net revenue for Q3 2025, reaching $1.9 billion, which represents a 54% year-over-year increase and a 25% increase from the previous quarter [2][4] - The surge in transaction revenues, which rose by 37% to $1 billion, was driven by massive trading volumes from both consumer and institutional clients [2][3] Financial Performance - Consumer trading activity contributed to $59 billion in trading volumes, while institutional clients accounted for $236 billion in trading volumes [3][10] - The recent acquisition of Deribit for $3 billion has led to a combined notional derivatives trading volume exceeding $840 billion [4] Market Position and Strategy - Coinbase's CEO Brian Armstrong highlighted the company's unique position to benefit from increasing regulatory clarity in the U.S. and its reputation as a trusted exchange [5][6] - The company aims to expand its offerings significantly, from 300 to 40,000 tradable assets, including tokenized assets and prediction markets, under its "Everything Exchange" vision [6] Future Outlook - For Q4, Coinbase anticipates a strong start with projected transaction revenues of approximately $385 million for October [7] - The company also expects subscription and services revenues to range between $710 million and $790 million [8]

Core Insights - Coinbase Global reported a significant increase in third-quarter profit due to heightened volatility in digital assets, which led to increased trading volumes at the cryptocurrency exchange [1] Company Summary - The third-quarter profit for Coinbase Global saw a notable rise, attributed to the increased trading activity driven by market volatility in digital assets [1] Industry Summary - The cryptocurrency exchange industry is experiencing heightened trading volumes as a result of increased volatility in digital assets, positively impacting companies like Coinbase Global [1]

Core Points - WazirX, an Indian cryptocurrency exchange, will restart operations on October 24 after a restructuring process approved by the High Court of Singapore, marking a new chapter focused on trust, transparency, and innovation [1] - The restructuring, supported by WazirX's creditors, allows the platform to resume trading and distribute tokens to creditors within 10 business days, alongside the introduction of Recovery Tokens [2] - WazirX will implement 0% trading fees across all trading pairs as part of its Restart Offer, alleviating transaction costs for users [2] Company Strategy - The relaunch will begin with select crypto-to-crypto pairs and the USDT/INR market, followed by a gradual expansion of additional trading pairs [4] - To enhance fund safety, WazirX has partnered with BitGo for institutional-grade, insured custody solutions for user assets [4] - The restructuring included token swaps, mergers, delistings, and migrations, emphasizing a commitment to user protection and regulatory transparency [5] Background and Recovery Efforts - WazirX experienced a significant exploit of $234.9 million on July 18, 2024, attributed to a cyberattack by North Korea's Lazarus Group, leading to a major recovery effort [6] - The restructuring plan was approved after over 95% of participating creditors voted in favor of it in mid-August 2025, aimed at recovering user assets and restarting operations [7]

Group 1 - Japan's Financial Services Agency (FSA) is considering allowing banking group members to launch cryptocurrency trading services to enhance market access and competition [1][2] - The FSA is also contemplating lifting the ban on banks from buying and holding cryptocurrencies for investment purposes [1] - Currently, banking group subsidiaries are not allowed to register for crypto asset services under the Banking Act [1] Group 2 - The FSA aims to revise regulations to enable securities subsidiaries of banking groups to provide crypto asset services, allowing them to compete on equal terms with securities company groups [2] - The current cryptocurrency market is primarily dominated by affiliates of securities groups, such as Rakuten Wallet and a unit of SBI Holdings [2] Group 3 - Due to the high volatility and potential for significant losses in cryptocurrencies, the FSA will require bank-affiliated securities firms to clearly explain these risks to retail investors [3]