Sell COIN by Aug 21, 2026.

Disclosure: I hold COIN. Coinbase reported $2.3B in Q1 revenue per the 10Q. Transaction fees, USDC stablecoin interest, and custody made up roughly 90% of that. Custody grew after spot ETF approvals, which is great, but all three lines depend on the same thing: a friendly regulatory environment. We already saw what happens when that flips. Revenue went from $2.5B in Q4 2021 to $1.2B by Q2 2022 as SEC enforcement escalated. The company has not meaningfully diversified since then. …