Morning Minute: Coinbase Pushes to Become 'Everything Exchange' With Stocks, Perps, and AI - Decrypt

Morning Minute: Coinbase Pushes to Become 'Everything Exchange' With Stocks, Perps, and AI

Morning Minute is a daily newsletter written by Tyler Warner . The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. And c heck out our new daily news show covering all of the top stories in 5 minutes, downloadable on Apple Pod or Spotify.

🏦 Coinbase Pushes to Become an “Everything Exchange” With Stocks, Perps, and AI

Coinbase unveiled a sweeping set of products on Tuesday as part of its latest System Update, making its clearest move yet to become what it calls the “everything exchange.”

The list of updates is long. Customers can now trade US stocks, ETFs, and indexes alongside crypto, and even transfer a stock portfolio from another brokerage. On top of that comes:

The pitch is that the wall between crypto and traditional finance is coming down, and Coinbase wants to be the single app standing on the other side of it. Move your equities over from Schwab or Robinhood, trade options and crypto in the same place, borrow against your staked SOL, and let an AI advisor manage the whole thing. That is a brokerage, a bank, and a robo-advisor on top of a crypto exchange. It’s certainly a win for users, with more options than ever.

So will this move the needle for Coinbase?

They certainly aren’t early with these updates, but the vision makes sense. Agentic trading is clearly the future and enabling infra for AI agents is a smart step forward. And tokenized stocks and perp futures are as hot as ever on the back of Hyperliquid’s scorching success. If the overall pie grows enough (and Standard Chartered is calling for RWAs for 40x by 2030), Coinbase may not even need to steal market share to win. They can ride the rising tides.

🤖 SpaceX Buys AI Coding Startup Cursor for $60 Billion

Days after the largest IPO in history, SpaceX is already spending the stock.

Yesterday it agreed to buy Anysphere, the maker of AI coding tool Cursor, for $60 billion in an all-stock deal that folds it into xAI. That’s roughly double the $29 billion valuation Cursor carried in November.

And Cursor’s growth story back up that valuation bump. It went from $100 million in annual recurring revenue in 2024 to $1 billion by late 2025 to more than $2 billion by February, the fastest a software company has ever scaled, with about 50,000 engineering teams and nearly 70% of the Fortune 1000 on board, from Nvidia to Salesforce.

Cursor rents the intelligence that powers it, paying Anthropic and OpenAI for the models behind every suggestion, and those inference bills have been punishing. At one point in 2025 it was paying Anthropic an estimated $650 million a year against roughly $500 million in revenue, an underwater gross margin no normal software company would survive. Worse, its biggest supplier is also its biggest rival, since Anthropic’s Claude Code competes head-on with Cursor. It was effectively funding the company trying to replace it.

The key business change was to stop renting. Cursor’s own Composer model and cheaper model routing dragged it to slight gross-margin profitability on enterprise by April, and that’s exactly where SpaceX fits. Cursor already had a deal to tap xAI’s Colossus supercomputer, and owning it lets Musk feed it cheap compute, shift more work onto xAI’s models, and finally fix the margins while cutting the cord to Anthropic. Cursor had rebuffed OpenAI twice to stay independent, so it’s telling that the first big thing Musk does with SpaceX’s public stock is buy his way into enterprise AI. And at a forecasted $6 billion run rate, $60 billion is under 10x forward revenue. So he got a decent deal…

Corporate Treasuries & ETFs

Your gateway into the world of Web3

The latest news, articles, and resources, sent to your inbox weekly.

© A next-generation media company. 2026 Decrypt Media, Inc.

新闻图片