The numbers tell a story that crypto maximalists really don’t want to hear. Since the October 2025 market crash, the S&P 500 has climbed 17%, while the broader crypto market has cratered 47.5%.
Coinba...

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<p>The numbers tell a story that crypto maximalists really don’t want to hear. Since the October 2025 market crash, the S&amp;P 500 has climbed 17%, while the broader crypto market has cratered 47.5%. </p>
<adv/><p>Coinbase, the largest US-based crypto exchange, is feeling the pain directly. The company posted Q4 2025 revenue of $1.78 billion, a 22% decline year-over-year, as trading volumes dried up alongside the broader crypto downturn.</p>
<adv/><h2>The great migration of capital</h2>
<p>Roughly $2.03 trillion in outflows have drained from the crypto market since October 2025. The total crypto market capitalization now sits at approximately $2.24 trillion as of February 2026, meaning the market has nearly been cut in half.</p>
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</div> <h2>Coinbase and Kraken pivot to stocks</h2>
<p>The exchange launched commission-free stock and ETF trading for US users through its app in early 2026, partnering with Yahoo Finance to deliver the service. The company is also planning to introduce tokenized US equities and perpetual products, essentially bringing traditional financial instruments onto blockchain rails.</p>
<p>Kraken has gone even further. On February 24, 2026, the exchange introduced what it calls the world’s first regulated tokenized equity perpetual futures, available in over 110 countries with up to 20x leverage.</p>
<p>Coinbase’s tie-up with Yahoo Finance signals an intent to reach beyond the crypto-curious audience and into the broader retail investing population.</p>
<h2>What this means for investors</h2>
<p>When Coinbase, a company that went public as a pure-play crypto bet, starts offering commission-free stock trading, it’s effectively acknowledging that crypto alone isn’t generating enough volume or revenue to sustain its business at current levels. A 22% year-over-year revenue decline will focus the mind like that.</p>
<p>Tokenized equities in particular could reduce friction for retail investors who want exposure to traditional markets but prefer the 24/7 accessibility and settlement speed of blockchain infrastructure.</p>
<p>Coinbase and Kraken are now competing not just with each other and decentralized exchanges, but with established brokerages like Fidelity and Interactive Brokers that have been doing equities for decades.</p>

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Coinbase reports equities outperform crypto amid strong earnings data

這些數據揭示了一個加密貨幣極端主義者最不願聽到的事實。自2025年10月市場崩盤以來，標普500指數上漲了17%，而整個加密貨幣市場卻暴跌了47.5%。

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<div><div><p>這些數據揭示了一個加密貨幣極端主義者最不願聽到的事實。自2025年10月市場崩盤以來，標普500指數上漲了17%，而整個加密貨幣市場卻暴跌了47.5%。</p><adv/><p>美國最大的加密貨幣交易所 Coinbase 直接感受到了衝擊。該公司公佈的 2025 年第四季度營收為 17.8 億美元，同比下降 22%，原因是受加密貨幣整體低迷的影響，交易量大幅下滑。</p><adv/><h2>資本的大遷移</h2><p>自 2025 年 10 月以來，加密貨幣市場已流出約 2.03 萬億美元。截至 2026 年 2 月，加密貨幣總市值約為 2.24 萬億美元，這意味著市場規模幾乎縮水了一半。</p><div><div>廣告</div><template/></div><h2>Coinbase 和Kraken轉向股票業務。</h2><p>該交易所於2026年初通過其應用程序向美國用戶推出免佣金股票和ETF交易服務，並與雅虎財經合作提供該服務。該公司還計劃推出美國股票代幣化和永續產品，本質上是將傳統金融工具引入區塊鏈平臺。</p><p> Kraken更進一步。2026 年 2 月 24 日，該交易所推出了其所謂的全球首個受監管的代幣化股票永續期貨，該期貨可在 110 多個國家/地區使用，槓桿高達 20 倍。</p><p> Coinbase 與雅虎財經的合作表明，該公司有意將目標受眾從對加密貨幣感興趣的人群擴展到更廣泛的零售投資者群體。</p><h2>這對投資者意味著什麼</h2><p>Coinbase是一家以純粹加密貨幣交易起家的公司，如今卻開始提供免佣金股票交易，這實際上等於承認單靠加密貨幣本身無法產生足夠的交易量或收入來維持其目前的業務水平。同比22%的收入下滑足以讓人意識到這一點。</p><p>代幣化股票尤其可以減少散戶投資者的摩擦，他們希望接觸傳統市場，但更喜歡區塊鏈基礎設施全天候的可訪問性和結算速度。</p><p> Coinbase 和Kraken現在不僅要與彼此和去中心化交易所競爭，還要與 Fidelity 和 Interactive Brokers 等從事股票交易數十年的老牌經紀公司競爭。</p></div></div>

Coinbase報告稱，在強勁的盈利數據推動下，股票表現優於加密貨幣。

當下，或許是加密行業監管最友好的時代。

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