Coinbase missing Q2 revenue at $1.22 billion while grabbing a record 10.3% market share shows the core exchange trap. They cut expenses and took market share, but owning a bigger slice of an industry volume that dropped over 20% still hurts. Brian Armstrong is betting heavily on AI agents settling micro-payments in USDC to build a stable revenue floor. But until machine commerce generates real volume, Coinbase remains completely hostage to market volatility regardless of how cleanly they execute. https://t.co/lJFdhu4KzB
Murtuza J MerchantShare
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