TechFlow news — Bitwise Chief Investment Officer Matt Hougan tweeted that an adversarial regulatory environment is creating an artificial "moat" for Coinbase's business, helping sustain extremely high profit margins and allowing them to over-earn in the short term.
Impressively, they are leveraging this opportunity to raise capital (now totaling $7.1 billion) and significantly diversify their operations (see growth in USDC, Base, and international futures).
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