AI Evaluation Notes

While Coinbase has experienced growth and benefited from the overall crypto market and its role as a custodian for Bitcoin ETFs, the predicted transition of individuals from holding Bitcoin through ETFs to self-custody or direct purchase via Coinbase is not clearly evident as a primary driver. Sources suggest that investors are combining ETFs with self-custody rather than a direct transition away from ETFs. Coinbase's growth seems to be more broadly driven by new customer acquisition and its custody services for ETFs, rather than a specific shift away from ETFs to direct purchases on its platform by individuals.