Coinbase Global Inc. (NASDAQ:COIN) delivered another earnings beat last week, riding a wave of crypto enthusiasm that’s pushed the market to $3.7 trillion. But as rival exchanges line up for their own public debuts and regulatory fog lifts across the industry, analysts say the company’s dominance is facing its most serious challenge yet.
The crypto exchange topped Wall Street’s Q3 profit estimates on surging trading volume, and closed at $343.78, up 2.32% on the day. Yet the celebration comes with a warning label: the same regulatory clarity that’s fueling crypto’s growth is also opening the door for serious competition.
