Sharing my personal analysis for educational only. This is NOT financial advice, as I am NOT a financial advisor. Let's learn together how we, as retail investors, can analyze the stocks we invest in. Remember, always do your own research! #DYOR

$COIN
Skenario Aliran Pendapatan COIN
1. Trading Fee (CFX Exchange)
==> Driven oleh volatilitas tinggi (fase koreksi) & volume ritel/institusi (fase bull).
==> Semakin retail/institusi banyak trading, semakin tinggi fee income.
2. Custody Fee (ICC)
==> Driven oleh AUC (asset under custody) → naik seiring harga BTC naik.
==> Institusi lebih nyaman simpan di kustodian berizin → recurring revenue.
3. Listing & Product Expansion
==> Token baru (BTC-Fi, Hyperliquid token, RWA token) → listing di CFX → tambahan listing fee & trading volume.
4. Strategic Narrative
==> Narasi “crypto stock pertama ASEAN” + Trump effect global → potensi daya tarik investor asing ke saham COIN.