Coinbase Global, Inc. (COIN): A Bull Case Theory 

We came across a bullish thesis on Coinbase Global, Inc. on Bullseye Picks’s Substack by Bullseye Investing. In this article, we will summarize the bulls’ thesis on COIN. Coinbase Global, Inc.’s share was trading at $252.69 as of January 13th. COIN’s trailing and forward P/E were 21.84 and 38.61 respectively according to Yahoo Finance.

Coinbase Global, Inc. (COIN) is positioned as a central beneficiary, given its role as the leading platform in the crypto economy and its reputation as one of the most trusted and stable operators in an industry that still faces skepticism from many market participants.

Coinbase’s competitive advantage stems largely from its emphasis on regulatory compliance, an area where it has made more progress than many peers. This compliance-first approach has allowed the company to build credibility with regulators, customers, and potential institutional partners, creating a moat that is difficult for less established competitors to replicate. As regulatory scrutiny intensifies globally, this positioning could become increasingly valuable and further consolidate Coinbase’s leadership.

Strategically, the company is also shifting its business model away from an overreliance on the inherently cyclical nature of crypto trading volumes. Management is focused on developing more stable and recurring revenue streams, which could help smooth earnings volatility and improve the company’s long-term financial profile. These efforts suggest a deliberate attempt to evolve from a pure trading-driven platform into a broader financial services provider within the digital asset ecosystem.

Coinbase has also begun expanding into stock market trading, signaling ambitions beyond cryptocurrency. However, expectations for this initiative remain modest, as the traditional brokerage space is highly competitive and well entrenched. Overall, Coinbase is viewed as a long-term enabler of crypto adoption, with trust, compliance, and revenue diversification underpinning its strategic outlook.

Previously, we covered a bullish thesis on Robinhood Markets, Inc. (HOOD) by kumaramit0703 in March 2025, which highlighted its transformation into a diversified fintech platform, accelerating crypto revenues, and improving profitability. HOOD’s stock price has appreciated by approximately 180.93% since our coverage. This is because the thesis played out as user monetization and crypto momentum strengthened. Bullseye Investing shares a similar view but emphasizes regulatory compliance and recurring revenues at Coinbase Global, Inc.

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Disclosure: None.