Coinbase (COIN) could be one of the crypto ecosystem’s few remaining players as a crypto winter continues to hit all corners of the industry, Owen Lau, a senior analyst at investment firm Oppenheimer, told CoinDesk TV’s “First Mover.”

“If many companies or if some companies go under, Coinbase could be one of the survivors in the space,” Lau said.

Lau has an outperform rating on COIN, with a price target of $73 in the next 12 to 18 months. In a note published on Monday, Lau predicted there will be “less than five legitimate crypto exchanges,” with Coinbase being one of them.

According to him, if the U.S. Federal Reserve continues to raise interest rates, half of Coinbase’s revenue could be made up of the exchange’s subscription services, which are tied to a partnership with stablecoin issuer Circle. In addition, the “many positives” that have yet to be priced into the exchange’s stock include Coinbase's market share gains, its strong balance sheet and its short squeeze potential, he said.