Coinbase Global Inc. (NASDAQ:COIN) is seeing stronger trading activity as crypto markets regain momentum, but a closer look at its financials suggests the company’s growth story is becoming more complicated. While transaction volumes have increased, the composition of Coinbase’s revenue is shifting in ways that matter for valuation and long term profitability.

For investors, the key question is no longer just whether crypto trading is coming back. It is whether Coinbase is earning the same quality of revenue from that activity as it did in previous market cycles.

Trading Activity Is Recovering

Crypto price volatility and higher spot trading volumes have helped lift activity on major…

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