• Subscription revenue grew from 8% to 36% of total revenue since 2021
• Assets under custody reached $516 billion (+95% Y/Y)
• USDC stablecoin growth could generate $1-2 billion in incremental pre-tax profit
• 2026 crypto IPO pipeline ($80B+ valuations) validates institutional adoption

• Crypto price volatility impacts trading volumes
• Regulatory uncertainty across jurisdictions
• Traditional financial institutions entering at scale

• 2026 marks crypto’s transition from speculative asset to institutional infrastructure. Coinbase’s transformation, combined with record IPO validation, positions it as the primary beneficiary of this secular shift.
• $5-8B incremental revenue opportunity, with stablecoin growth as the highest probability catalyst makes COIN our top pick for institutional crypto exposure.

Watch the video to learn more about 2026: The Year Crypto Goes Institutional and download the full thematic with detailed financial models, valuation analysis, and comprehensive risk assessments.

President Trump has proposed capping credit card interest rates at 10%, a significant reduction from the current industry average of approximately 21%. This change would dramatically alter the consumer finance landscape. Alexander Yokum, CFA, an Equity Analyst and Senior Vice President at CFRA, evaluates the potential impact of the proposed cap. He emphasizes that Trump lacks explicit authority to implement such a measure, making congressional approval likely necessary for its enactment.

• Earnings Impact:
  We view Synchrony Financial and Capital One as most vulnerable to the proposal given their outsized exposure to credit card loans and heavy reliance on net interest income. American Express may experience an earnings decline of more than 50%, while large banks with card portfolios could face earnings pressure above 10%.
• Limited Scope:
  The cap would likely apply only to new balances and last for one year, allowing issuers to potentially recover once normal rates resume.
• Issuer Response:
  If enacted, CFRA expects tighter credit standards, reduced rewards, higher fees, and lower marketing spend, with negative implications for lower-income consumers. With these counteractions, the earnings decline could be partially offset.
• Low Probability of Passage:
  Similar proposals have failed in Congress, and recent regulatory actions suggest a pro-bank environment, limiting the chances of implementation.

Want the full analyst perspective?

Access the full video and explore CFRA’s latest insights on the U.S. credit card space.

For more, visit “The Credit Card Renaissance: Building Tomorrow’s Payment Empire,” where Yokum discusses how credit card issuers have been turning innate spending impulses into a payment empire – and which stocks could deliver outsized returns as four powerful tailwinds converge.

Discover what’s shaping the market narrative heading into 2026. CFRA Chief Investment Strategist Sam Stovall, CFP, projects 13.5% S&P 500 earnings growth for 2026—here’s his roadmap for navigating elevated valuations while capitalizing on Fed easing and post-election momentum.

As markets recently hit coordinated all-time highs, positioning for 2026 becomes critical. In this video, Stovall outlines how the market rebounded from early-2025 weakness and why he expects to see ongoing resilience. Topics covered explore the role of the Buffett Indicator, stretched P/E ratios, and shifting breadth, while highlighting the historical patterns that point to potential strength in the upcoming year. His analysis emphasizes the significance of the second year of a rate-cut cycle, the fourth year of the current bull market, and the strong performance trends that often follow midterm elections once uncertainty declines.

• S&P 500 earnings projected to rise ~13.5%
• S&P 500 year-end target of 7,400
• Continued support from easing monetary policy
• Improving GDP growth and moderating inflation pressures
• A potential path toward trimmed valuations as earnings strengthen

Stovall offers practical guidance on sector positioning, historical patterns in winner-vs-loser strategies, and what market signals may matter most in the months ahead. While volatility is likely to persist, Sam’s perspective suggests a continued—though more measured—path forward for U.S. equities as 2026 unfolds.

Amid ongoing inflationary pressures tightening household budgets, a subtle payment revolution is reshaping how Americans shop this holiday season as U.S. retail sales are projected to see minimal to moderate growth.

CFRA’s Senior Equity Analyst Caydee Blankenship and VP of Equity Research Zachary Warring reveal the shifting spending behaviors and growing influence of buy now, pay later (BNPL) options. BNPL transactions are projected to reach $20.5 billion in 2025 – a 13% annual increase – driven by tighter household budgets and the recent “fewer but pricier” gift trend. Clothing and electronics are leading the BNPL surge, with mobile-first shopping (80% of BNPL transactions) driving new consumer behavior.

The U.S. automotive industry is at a critical turning point, with traditional automakers reclaiming dominance over smaller manufacturers and electric vehicle (EV) startups. After years of rapid EV growth and market disruption, the pendulum is swinging back toward the established automotive giants, who are now capturing a larger share of U.S. vehicle sales. In this video, CFRA SVP of Equity Research Garrett Nelson provides an in-depth look at how the top five bestselling automakers in the United States are consolidating their leadership positions, outpacing EV-only brands and newer market entrants.

Several factors are fueling this power shift in the automotive market. First, surging demand for hybrid vehicles has created a competitive advantage for legacy automakers with diversified product lines, enabling them to meet consumer interest in fuel efficiency without the higher costs and infrastructure challenges tied to full EV adoption. Second, affordability remains a major issue, with buyers favoring non-luxury automotive brands that offer accessible price points during a time of economic uncertainty. Finally, smaller EV companies are facing mounting headwinds, from scaling difficulties and supply chain constraints to regulatory shifts such as the upcoming September expiration of federal EV tax credits, which could further weaken their competitive position.

For investors and industry professionals, these automotive market trends highlight how consumer demand, pricing dynamics, and government policy are reshaping the competitive landscape. As traditional automakers strengthen their market share and smaller EV manufacturers face increasing challenges, understanding these shifts is critical to evaluating both risks and opportunities in the automotive sector.

From geopolitical shocks to surprise tariffs and the steady march of innovation, ETF markets are evolving fast. In the full video, our research team breaks down the biggest stories so far this year:

• Tariffs: Unexpected scope has hit some countries and sectors hard—while others, like Brazil and low-volatility equity strategies, are holding up well.
• Private Credit ETFs: Products like PRIV are opening new doors for retail and institutional investors, but the details of holdings still matter.
• Fee Cuts: Vanguard is leading a new wave of cost compression, which could reshape investor returns and fund flows.

As we approached the March 14 funding deadline, this event provided a unique opportunity to engage with congressional staff and experts discussing key legislative developments, including Medicaid and Medicare policies, vaccine program stability, and responses to Health and Human Services Secretary Robert F. Kennedy Jr.’s Make America Healthy Again (MAHA) agenda.

Key Topics Covered:

• Budget Reconciliation & Healthcare Funding – Navigating Medicaid/Medicare priorities
• Make America Healthy Again (MAHA) – Congressional responses and implications
• Vaccine Program Stability – Potential regulatory shifts
• Government Efficiency & Workforce Cuts – The impact of the Department of Government Efficiency (DOGE)
• Insurers & Pharmacy Benefit Managers – The evolving healthcare landscape
• Hospital & Provider Reimbursement Changes – Medicare/Medicaid updates
• 340B Drug Pricing Program – Legislative outlook

Featured Speakers Include:

• Nd Ubezonu, Floor Director, Rep. Hakeem Jeffries (D-NY)
• Brian Arata, Legislative Director, Rep. Glenn “GT” Thompson (D-PA)
• Colm Pelletier, Legislative Assistant, Rep. Rob Bresnahan (R-PA)
• Vanessa Baker, Legislative Correspondent, Rep. Lori Trahan (D-MA)
• Kevin Lefeber, Legislative Assistant, Sen. Dick Durbin (D-IL)
• Max Seltzer, Health Policy Advisor, Sen. Roger Marshall (R-KS)
• Audrey Trussell, Legislative Correspondent, Sen. Markwayne Mullin (R-OK)

Event Details:

 Washington, D.C. (Multiple locations)
 March 4, 2025 | 8:30 AM – 5:30 PM EST

Watch the full video and stay ahead of critical policy developments.

In 2024, the U.S. imported $10.0 billion and exported $4.6 billion in forest products. Tariffs on Canadian softwood lumber could raise costs, as Canada supplies 73% of imports. In this recording, CFRA Senior Equity Analyst Ana Garcia, highlights key aspects of the lumber trade deficit, why U.S. logging is declining, and homebuilder headwinds.

China-based AI model DeepSeek is disrupting the market as the top U.S. app with lower costs than Western rivals. CFRA Senior Vice President of Equity Research, Angelo Zino, CFA, favors software over semiconductors, highlighting the benefits of AI for software and the challenges posed by China. He also notes heavy investment in computing by hyperscalers, though growth may slow, while large SaaS providers are expected to thrive due to reduced AI costs.