Long for COIN!
Question Answered: Isn't a Bitcoin ETF Bearish for Coinbase?
First, the ETFs have to buy the crypto. ALL of them have listed Coinbase as the custodial partner. They will generate fees from that role as the floodgate of Crypto muggles rush in.
Second, if you actually want to PARTICIPATE in the crypto economy in any way(DEFI, NFTs, ALT Coins, Web3, Send payments to other people) you NEED a wallet. You can't do anything with your ETF crypto except watch the balance. The Bitcoin ETFs will bring billions of new custodial BTC into Coinbase's control, and at the same time make BTC and crypto as a whole mainstream.
Both things benefit $Coinbase Global, Inc.(COIN)$
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