Coinbase’s earnings were largely a miss and they are falling behind as competitors like Robinhood and Hyperliquid continue to eat market share Coinbase’s moat was regulatory capture and being “the everything exchange” that people (especially U.S.) could count on As regulations loosen and decentralized tools have grown in usage, Coinbase’s moat has dwindled accordingly In response to these mounting competitive pressures, all Coinbase has done is lean in on USDC and trying to turn tradfi tools into proxy “onchain” tools through the Base blockchain Their L2 isn’t what it cracked up to be Subscriptions aren’t super valuable Regulatory moat is dwindling Can Brian dig Coinbase out of this quicksand?
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