Диверсификация биржевого рынка: почему Уолл-стрит расходятся во мнениях?

【Crypto Markets】The business landscape of exchanges has indeed been changing over the past two years. Certain leading compliant platforms and other platforms are seeking new growth beyond spot trading, and views from Wall Street are becoming more diverse.

Some institutions maintain a bullish stance, believing that investors haven’t fully assessed these platforms’ potential in venturing into equities, derivatives, and payment infrastructure—sectors that can generate stable cash flows. Another institution holds a similar view, showing optimism toward 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 increasing as a percentage, which can buffer market volatility impacts. Though execution risks cannot be overlooked.

But there are also cautious voices. A major bank maintains a neutral stance, reasoning that stock prices of such platforms correlate too heavily with Bitcoin prices, making it difficult to completely escape cycle impacts. However, based on a certain platform’s user growth and international market opportunities, this institution still favors its relative performance.

In summary, everyone acknowledges the diversification direction, but each has different judgments on the balance between risks and returns.