“Obviously if Bitcoin succeeds so does Coinbase”

This seems obvious, but I’m not sure it’s the case anymore.

DeFi has been growing, although hampered by ethereum right now, could eventually consume much of Coinbase’s income stream.

They may need to pivot to more of a banking role as ethereum solves tx fees and DeFi grows on L2. Whether that means more or less profit is not clear. I have a theory this IPO is really a calculated approach to facing such a reality, while they’re still considered untouchable.