Coinbase, which went public at an $86 billion valuation in April 2021, has played a critical role in integrating Bitcoin into mainstream finance. CEO Brian Armstrong, who became a billionaire through this venture, led the company through significant challenges over nine years before its IPO. Initially starting as a simple Bitcoin transaction platform, Coinbase has evolved its services as Bitcoin trading surged. However, while Bitcoin remains a significant component of its business, accounting for 30% of transactions last year, Coinbase's focus has shifted towards other cryptocurrencies, including Ethereum and various layer-2 solutions. This diversification has driven concerns about Coinbase's future relevance in the industry. Critics speculate that its legacy could parallel that of AOL, failing to adapt to the evolving landscape. As it seeks to regain its valuation, Coinbase must balance its increasing investments in multiple cryptocurrencies while maintaining its foundational ties to Bitcoin. The upcoming public offerings of other crypto firms will further test the company's position as Bitcoin becomes less central to its identity.

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