Bybit TradFi x Crypto Report: Regulatory Tailwinds Drive Coinbase Outperformance Despite Premium Valuation

Key Points

1. Bybit's report evaluates Coinbase Global Inc.'s growth potential beyond traditional metrics like P/E ratios.

2. Coinbase's inclusion in the S&P 500 on May 19, 2025, marks a significant milestone as the first digital asset company in the index.

3. The report identifies expansion channels such as USDC profit-sharing, diversified subscription services, and international growth via MiCA licensing in the EU.

4. Regulatory tailwinds are seen as a key driver for Coinbase's continued revenue growth, even if some segments underperform.

5. Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving over 70 million users globally.