Crypto companies try to prove they can grow beyond token trading
The next phase of crypto’s public-market pitch is less about token prices and more about financial infrastructure. As trading revenue slows, companies including Coinbase, Robinhood, Circle and Bullish are trying to show they can own the systems that issue, trade, settle and record assets. The question for investors is whether these new businesses can grow fast enough before the next crypto downturn puts the model under pressure again.