Why Coinbase Could Be the Netflix of Crypto in 2025
The crypto gateway positioning itself as the streaming giant of digital assets.
From Trading Platform to Ecosystem Powerhouse
Coinbase isn't just executing trades anymore—it's building the entire entertainment complex for crypto. The platform now offers staking, wallet services, and institutional custody solutions that create multiple revenue streams while locking users into their ecosystem.
The Network Effect Advantage
Like Netflix's subscriber growth fueling content creation, Coinbase's expanding user base attracts more developers and institutional players. Each new integration makes the platform more indispensable—creating that beautiful flywheel effect Wall Street loves to overhype.
Regulatory Moats and Market Position
While smaller exchanges struggle with compliance costs, Coinbase's regulatory-first approach builds formidable barriers to entry. They're playing the long game—though whether that's visionary strategy or just surviving the SEC's endless scrutiny remains to be seen.
The path from niche service to household name isn't guaranteed, but Coinbase appears better positioned than any competitor to become crypto's default portal—assuming the whole digital asset class doesn't turn out to be Beanie Babies for finance bros.
Image source: Getty Images.
The membership flywheel is taking shape
The idea at the heart of Coinbase potentially becoming like Netflix is to turn user activity into a habit.
On that front, Coinbase's Coinbase One service is a paid membership with tiered benefits like zero fees for some trades, boosted staking rewards, and enhanced support, which could lead to consistent revenue that's independent from crypto trading fees. Coinbase's subscriptions and services segment reached $656 million in revenue during the second quarter of 2025.
Platform advantage also matters here, as it does with Netflix. Coinbase serves as custodian to a majority of new spotexchange-traded funds (ETFs), thereby expanding its institutional ties that can compound fee streams over time. And it's already the preferred cryptocurrency on-ramp for new investors, and for those looking to set up low-hassle dollar-cost averaging (DCAing) into key cryptoassets.
The catch
Investors hoping for Coinbase to become the Netflix of crypto should also know that its competition will soon include traditional financial institutions, which could make the process of becoming the chief platform much harder; Netflix's early competition was milder.
Therefore, if crypto adoption expands and its memberships, custody, and other economics keep scaling favorably, as they have been so far, Coinbase's flywheel could well resemble streaming's maturation. But, unlike what Netflix experienced, this business is going to need to maintain its lead against some big fish, and it'll likely need a competitive advantage of some kind to succeed in the long run.
