Coinbase is the winner of AI-native finance. We believe $COIN can be a ~$300B+ company (6x from today) Artemis open sources the BEST Coinbase financial model using onchain data. You can now build models like the BEST analysts. We believe Coinbase is WINNING in stablecoins, agentic commerce – not just as a crypto exchange. Here’s the core assumptions > Stablecoin supply reaches ~$3T in 2031 (~US Treasury official estimates) > USDC is 30% of stablecoin supply > Agentic Commerce ~$7.5T in yearly spend in 2031 > Coinbase Agentic Commerce is able to monetize and captures 1bp of the entire TAM > Net transaction revenue grows 11% CAGR > Subscription & Services goes from 40% of total revenue to 65% of revenue in 2031 In our bull case, Coinbase does ~$23B revenue in 2031 with ~$10B of net income. At 30x PE that assumes ~$300B of marketcap (6x+ from today) Full 12 page thesis drops at 5pm ET 👀