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Coinbase has the strongest moat. They are the largest exchange in the US and hold custody of over 80% ETF assets. One of the few stocks completely safe from AI disruption. This is a new criteria for me to invest - I either bet on AI companies or companies that are safe from AI :)
One of their biggest weaknesses was their monetization model, but they now claim 40% of revenue comes from subscriptions and services.
The price is down 33% over the past year, with a pretty attractive forward P/E of 26.56. Though maybe P/E is not a good measure for Coinbase stock.
Is it cheap enough to buy, or would you wait for the Clarity Act resolution and market stabilization?