Summary A bear in crypto, a deteriorating bottom line, intensifying competition, negative sentiment, and the prospect of heavier regulation, make any investment in Coinbase a contrarian play. But crypto will not go away. Coinbase knows it. BlackRock knows it. Even the government knows it. We go against the grain, make the case Coinbase is a buy. Coinbase has to regain profitability but network effects, a strong balance sheet, solid competitive positioning, and leadership in risk management and regulatory compliance, hold promise. Coinbase is actively fighting trading fee erosion via the creation of a unique ecosystem that offers a wide range of services (well beyond trading) and multiple income streams. Check out www.funanc1al.com for market insight and so much more. We...

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