~snip
The difference with Coinbase though, is that it's an exchange. Like I said in my previous reply, while revenue will almost surely drop when bitcoin's price drops, they make money off the fees, not necessarily 100% related to bitcoin's price because some people will still trade crypto regardless of price so price drops with $COIN will be far less affected vs when holding BTC.
Whether or not it is an exchange it will still be connected to prices of the cryptocurrencies in the market. After the 2017 Bull run it followed by a massive bear season following that is a number of lay-offs that had happened with crypto exchanges.
Coinbase Lays Off 30, Shutters Chicago Office
Even as crypto prices fell in 2018 and trading volumes decreased significantly, Coinbase continued to expand, building its employee roster to include 800 people.
Huobi Announces Post-Christmas Layoffs
However, the market condition at present is bright enough to understand this decision.
During 2018 and late 2019 I have seen news similar to what I have provided about crypto exchanges doing lay-offs or downsizing as they were also affected by the bearish season or the sudden price drop of cryptocurrencies. Yeah I know they are earning most of their income through fees and commissions but the bear season also translates into lower trading activity or volume. It is inevitable to happen during a bearish season and I don't think it is something you can just disregard when it comes to choosing what stocks to buy in the market.