Is Coinbase Global, Inc. (COIN) A Good Stock To Buy Now?
Is COIN a good stock to buy? We came across a bullish thesis on Coinbase Global, Inc. on The Loh-Down’s Substack. In this article, we will summarize the bulls’ thesis on COIN. Coinbase Global, Inc.’s share was trading at $211.63 as of April 20th. COIN’s trailing and forward P/E were 47.56 and 60.24 respectively according to Yahoo Finance.
Coinbase Global Inc. (Nasdaq: COIN) has evolved from a crypto transaction-focused exchange into a diversified financial infrastructure platform, positioning itself as a key player in the U.S. crypto market. Founded in 2012 by Brian Armstrong, Coinbase serves over 100 million users and is the largest custodian of Bitcoin globally. While its 2021 revenue of $7.8 billion relied almost entirely on trading fees, a crypto market downturn in 2022 cut revenues by over 50%, exposing the vulnerability of relying solely on transaction-driven revenue.
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By 2025, Coinbase had restored annual revenue above $7 billion, with only half derived from trading, reflecting the success of its twelve distinct product lines. High-growth, high-margin segments such as Coinbase One membership, Consumer Staking, Prime Custody, USDC stablecoin revenue, and Base layer-2 app contribute to a diversified, sticky, and scalable revenue base, with subscription and services revenue growing at roughly 53% CAGR since 2021.
Coinbase has solidified trust and compliance advantages, becoming the custodian for over 80% of U.S. Bitcoin and Ethereum ETFs, while capitalizing on stablecoin yields and sequencer fees within its Base ecosystem. Regulatory milestones, including the dismissal of the SEC case, have reduced uncertainty, although a 2025 data breach highlighted ongoing operational risks. Competition comes from U.S.-compliant crypto exchanges, fintech incumbents like Robinhood and PayPal, and decentralized platforms, but Coinbase maintains a leading position in compliance, institutional custody, and ecosystem breadth.
With a transition toward recurring subscription, custody, and stablecoin revenue, the company is increasingly positioned as a crypto financial infrastructure provider rather than a pure trading platform. Current valuations reflect growth potential, with a base-case DCF target of $245, offering compelling long-term upside despite volatility tied to crypto market fluctuations.
Previously, we covered a bullish thesis on Robinhood Markets, Inc. (HOOD) by kumaramit0703 in March 2025, which highlighted the company’s expansion into a full-service fintech platform with diversified revenue streams, strong user engagement, and growth drivers including crypto and international markets. HOOD’s stock price has appreciated by approximately 113.27% since our coverage. The Loh-Down shares a similar view but emphasizes Coinbase’s recurring subscription, custody, and stablecoin revenue as key drivers of high-margin, sticky growth.
