COIN - MIZUHO: TAKEAWAYS FROM COINBASE’S “SYSTEM UPDATE” Mizuho notes that Coinbase launched new products aimed at becoming an “everything exchange,” including commission-free trading, prediction markets, robo-advisory services, and branded stablecoins. The firm views the strategy positively, citing parallels with Robinhood and highlighting strong execution in stablecoins, Solana connectivity, and tokenization initiatives. However, Mizuho remains on the sidelines due to uncertainty around Coinbase’s ability to gain traction in equities, increasing commoditization of prediction markets, and potential cannibalization of high-margin retail crypto revenues.(*Walter Bloomberg)