A well-known investment firm recently updated its 2026 industry outlook report and adjusted its rating for a compliant platform from "Neutral" to "Buy." The underlying logic is worth noting — this exchange has been pushing for a transformation of its revenue structure over the years.

Trading fees used to be the primary source of income for crypto exchanges, but now the situation has changed. From infrastructure-based businesses such as custody, staking, and subscriptions, these relatively stable revenue streams now account for about 40% of total revenue. Compared to less than 5% five years ago, the growth is quite significant.

Why is this shift so important? Simply put, trading-related income is highly volatile; when the market pulls back, earnings can drop sharply. A diversified product portfolio can provide better buffering effects, allowing the company to operate more stably amid crypto market fluctuations.

The investment firm’s target price is $303, compared to the recent price of $225, indicating some upside potential. However, they also admit that industry competition is becoming increasingly fierce, and with the possible environment of interest rate cuts, short-term profit margins remain under pressure. Overall, their attitude is "selectively optimistic," rather than fully optimistic. This cautious assessment reflects the true state of the industry — opportunities and challenges coexist.