CME Group has a market cap of about $70Bn. I would say that COIN looks like a good acqusition target in the 5-10Bn range. I could see that as a good exit strategy for a company like coinbase.
Unfortunately COIN is currently worth 15, and was worth around 70Bn last year.
This is the key problem with crypto only exchanges.
At some point (probably further down in share price) they will become a target for existing exchanges looking to diversify - ICE, CME