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【Crypto Market】Exchange Business Landscape Shifting Over Two Years

The business portfolios of major compliant platforms and exchanges have indeed changed significantly. Beyond spot trading, these platforms are exploring new avenues, and Wall Street opinions remain divided.

Some institutions maintain a bullish stance, believing investors haven’t fully assessed these platforms’ potential in stocks, derivatives, and payment infrastructure—sectors that can generate stable cash flows. Another institution holds a similar view, showing optimism about a certain platform’s expansion into prediction markets and credit card services.

However, some institutions have directly upgraded to buy ratings with clear logic: non-trading revenue is rising, which can buffer market volatility impacts. Though execution risks cannot be ignored.

Yet there are cautious voices. A major bank maintains a neutral stance, arguing these platforms’ stock prices are too highly correlated with Bitcoin prices, making it difficult to completely escape cyclical influences. However, based on a certain platform’s user growth and international market opportunities, this institution remains optimistic about its relative performance.

In short, everyone acknowledges the diversification direction, but each has different judgments on balancing risks and returns.