While we still see limited use cases of crypto at present, the 'beta' to the price action has significantly outweighed any alpha from not seeing an acceleration in retail adoption over time, analysts led by Will Nance wrote.
The exchange has seen fundamental benefits from increasing price on the simple trading platform, while maintaining market share, a renewed commitment to greater expense control and profitability in all market environments and tailwinds from higher interest rates as a result of COIN's 50% revenue share of the interest income earned on USDC reserve balances, the report added.
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