So I'm a crypto non-believer. I see it as the ultimate solution looking for a problem.<p>But that doesn't apply to Coinbase because, at its core, Coinbase should be a transactional business that is a proxy for the size of the crypto market (or, more specifically, the crypto trading volume).<p>I don't know enough about the financials of Coinbase however. It could be they have risks unrelated to their transaction business. For example, Robinhood was almost made insolvent by excessive exposure to GameStop. Does Coinbase engage in some weird margin business where they're exposing themselves to proprietary risk? If no, it seems like a good buy.