Đua tranh đa dạng hóa sàn giao dịch: Tại sao Phố Wall lại có ý kiến trái chiều?

【Coin World】Exchange business landscapes have indeed shifted over the past two years. Certain leading compliant platforms and other exchanges are seeking new paths beyond spot trading, leading to divergent views on Wall Street.

Some institutions maintain a bullish stance, believing investors have not fully assessed these platforms’ potential in expanding into stocks, 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 businesses.

However, some institutions have directly upgraded to buy ratings with clear logic: non-trading revenue proportion 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, citing that these platforms’ stock prices are too highly correlated with Bitcoin prices, making it difficult to completely escape cycle effects. However, based on a certain platform’s user growth and international market opportunities, this institution remains positive on its relative performance.

In short, everyone recognizes the diversification direction, but each has different judgments on risk-return tradeoffs.