Adding to this, Coinbase has already demonstrated it can be profitable, and assuming our base case that the crypto market is trading considerably higher in 2-3 years than it is today, I don't think it's farfetched that CB will see a significant recovery in trading volumes (and therefore revenues).
Stock prices are a function of both earnings growth and price multiples. Assuming CB can capitalize on the opportunities in front of them, and show signs of a re-acceleration in its future growth trajectory, it could fetch a 20-25x earnings multiple. For context, if it were to return to profitability levels we saw back in 2021, that would imply a ~$60-80B market cap (compared to ~$19B currently).
If nothing else COIN is a good way to get directional exposure to crypto given its strong correlation with crypto asset prices. That alone should help it outperform over the next few years if our thesis proves correct.