Investment caseExchange beta on the bull-cycle call.
Size / market capAbout $43.6B.
Scarcity / moatThe leading compliant exchange in US equities, plus a share of USDC economics.
CompetitionHOOD, Kraken, Binance (offshore).
RiskA market cap of about $43.6B ($165.70, 2026-07-04) is well off the peak, corroborating the late-cycle read. Earnings swing violently with the coin price.
Research framework, not investment advice. Specific levels, stops and sizing are Pro content.