Exchange Diversification Race: Why Do Wall Street Opinions Differ?

[Crypto World] The business landscape of exchanges has indeed been changing over the past two years. Some leading compliant platforms and certain platforms are exploring new avenues beyond spot trading, leading to a divergence in Wall Street opinions.

Some institutions remain optimistic, believing that investors have not fully assessed the potential of these platforms to expand into stocks, derivatives, and payment infrastructure—areas that can generate stable cash flow. Another institution shares a similar view, being more optimistic about a platform’s expansion into prediction markets and credit card services.

However, some institutions have directly upgraded their buy ratings, with a clear logic: the proportion of non-trading revenue is increasing, which can buffer market volatility impacts. Although execution risks cannot be ignored.

There are also cautious voices. A major bank maintains a neutral stance, reasoning that the stock prices of these platforms are highly correlated with Bitcoin prices, making it difficult to completely detach from cyclical influences. But based on user growth and international market opportunities for a certain platform, this institution remains optimistic about its relative performance.

In simple terms, everyone agrees on the diversification strategy, but their assessments of risk and return vary.