[adventured]

Because Bitcoin & Co can go sideways in a range for years while Coinbase prints an operating profit from the market-leading service they provide.

Bitcoin doesn't produce anything, Coinbase does.

What you're describing is speculating / gambling, betting on some kind of soaring event happening.

[ike0790]

If bitcoin/crypto is chopping sideways GUARANTEED Coinbase will be chopping sideways as well

[fastball]

How? Does Coinbase not make most of their money on the spread?

[chii]

The implication is that when crypto goes sideways, trading volumes drop, and thus, even though spread might be same or even better, the volume drop will have lost them money.

[mersenne]

Stock price, not necessarily revenue/profits.