Coinbase Global, Inc. (COIN) perpetual market

Coinbase is the largest publicly listed cryptocurrency exchange in the United States, founded in 2012 by Brian Armstrong and Fred Ehrsam to make buying and holding crypto simple and trusted. It offers trading, custody and related services to retail and institutional customers, and much of its revenue comes from transaction fees, which makes its results highly sensitive to crypto trading volumes and therefore to the broader market cycle. Coinbase went public in a landmark direct listing in 2021, becoming a symbol of crypto's arrival in mainstream finance. It has diversified toward more stable income, including custody, staking and a share of revenue from the USDC stablecoin, and it operates Base, a fast-growing Ethereum layer-2 network. As one of the most regulated large crypto firms, Coinbase is closely tied to US policy debates, and its stock often trades as a leveraged proxy for sentiment toward the entire crypto industry.