The prospects of Coinbase and Gemini are different, and analysts are weighing the possibility of exchanges expanding into areas outside of cryptocurrencies.

As Coinbase and Gemini expand their businesses, Wall Street analysts have differing opinions on their growth potential beyond spot cryptocurrency trading. William Blair reaffirmed a “Outperform” rating for Coinbase, believing that investors are underestimating its potential to venture into stocks, derivatives, and payment infrastructure, which could generate stable revenue. Similarly, William Blair is optimistic about Gemini’s diversification into prediction markets and credit card services. Goldman Sachs upgraded Coinbase’s rating to “Buy,” citing its growing non-trading revenue streams as a buffer against market volatility, despite ongoing execution risks. In contrast, Mizuho Securities maintained a “Neutral” rating for Coinbase, citing its high correlation with Bitcoin prices; at the same time, Mizuho Securities kept its “Outperform” rating for Gemini based on its user growth and international expansion potential.