Is COIN a good stock to buy? We came across a bullish thesis on Coinbase Global, Inc. on Mulberry’s Substack by Mulberry Investment Research. In this article, we will summarize the bulls’ thesis on COIN. Coinbase Global, Inc.’s share was trading at $159.78 as of June 12th. COIN’s trailing and forward P/E were 58.74 and 69.44 respectively according to Yahoo Finance.
Coinbase Global, Inc. (COIN) sits at the center of the structural shift in global payments as stablecoins emerge as a faster, cheaper alternative to legacy cross-border banking rails. The company operates as the leading regulated crypto exchange in the United States and is increasingly positioning itself as critical financial infrastructure spanning trading, custody, payments, and blockchain development.
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Its core strength lies in its distribution layer within the stablecoin ecosystem, particularly through its strategic role in USDC, where it shares revenue with Circle and already derives a meaningful portion of its income from stablecoin-related activity. As traditional correspondent banking networks continue to impose multi-day settlement delays and FX costs that can reach 6% or more, Coinbase-enabled stablecoin rails compress transaction costs to under 0.5% while enabling near-instant settlement, highlighting a powerful secular adoption driver.
Beyond trading revenue, Coinbase has evolved into a diversified infrastructure platform. It generates subscription and services revenue from staking, custody, and institutional products, alongside growing blockchain infrastructure income through its Base Layer-2 network. Base functions as a high-throughput settlement layer built on Ethereum, enabling ultra-low-cost transactions and positioning Coinbase as a key sequencer earning fees from transaction bundling. This infrastructure expansion reduces reliance on volatile trading activity and increases exposure to long-duration payment flows migrating on-chain.
Institutionally, Coinbase has become a trusted custodian for major Bitcoin and Ethereum ETF providers and serves global financial institutions through Coinbase Prime. Its ecosystem now spans retail users, banks, fintechs, and developers, reinforcing its positioning as the “operating system” for crypto-integrated finance. With stablecoin transaction volumes already in the tens of billions daily and projected multi-trillion-dollar expansion potential, Coinbase is directly exposed to a rapidly scaling market.
While regulatory uncertainty remains a key overhang, including potential restrictions on yield-like incentives, Coinbase’s entrenched distribution, regulatory positioning, and expanding infrastructure moat support long-term resilience. With strong balance sheet flexibility and improving margins, Coinbase offers a bullish long-term setup as a foundational layer of the emerging digital financial system, with meaningful upside tied to global stablecoin adoption and on-chain payment migration.
Previously, we covered a bullish thesis on Robinhood Markets, Inc. (HOOD) by kumaramit0703 in March 2025, which highlighted Robinhood’s evolution into a diversified retail fintech platform with trading subscriptions and crypto growth. HOOD’s stock price has appreciated by approximately 117.73% since our coverage. Mulberry Investment Research shares a similar view but emphasizes Coinbase’s role as institutional crypto infrastructure powering stablecoin payments and blockchain settlement rails.
Coinbase Global, Inc. is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 65 hedge fund portfolios held COIN at the end of the first quarter which was 64 in the previous quarter. While we acknowledge the risk and potential of COIN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than COIN and that has 10,000% upside potential, check out our report about this cheapest AI stock.
Disclosure: None.
