• $3.4 billion in total revenue until 2020
• largely from transaction fees (96% of net revenue)
• net income of $322.3 million in 2020, net loss of $30.4 million in 2019
• 43M verified users
• 2.8 monthly transacting users
Financial statement for 2019 and 2020
• Revenue of $1.28 billion in 2020
• Revenue of $534M in 2019 (more than 2x growth)
• As of end of 2020, Coinbase had cash and cash equivalents of $1.1 billion
• $48.9 million of USDC
• Held the following crypto: $130.1M of Bitcoin, $23.8M of Ethereum and $34.0M of other
Interesting section on the listing policy and sidestepping the Ripple fiasco
Balance sheet. Very low custodial funds figures
Key business metrics. $90B in assets on the platform - now this is a crazy fucking number
Explanation for the Neutrino mess up
The Neutrino acquisition was only for $6.4M. Almost nothing for blockchain analysis firm
Breakdown of revenue by geo. 76% of total reveue still coming from the good ol' USA
Shares breakdown
Obviously direct listing on Nasdaq
Market makers: Goldman Sachs, JP Morgan, and Citi
Advisors: Goldman, JPM, Allen & Company and Citi
Some salary + options/shares data for execs. Frankly way lower than I expected
Brian is balling the fuck out after the stock gets liquid
Ok I think this is the first batch of notes that I gathered on the first skim and some searches. Gonna do a much more detailed look soon and update interesting findings later. My adrenaline needs to come down a bit
Interesting background info on Compound.
• Coinbase helped supply USDC liquidity to the protocol
• "We facilitated Compound’s transition to decentralized governance in June 2020"
• Coinbase seems bullish on DeFi
Another cool info on Coinbase's view of DeFi. Bullish but cautious about risks (this happens in all S1's)
FTX is now pricing Coinbase at $108B market cap. Not super liquid but worth watching today's rise.
Made some tiny mistakes but I'd say pretty good in an hour sprint.
Now it's time to actually dive deep into these figures and analyze everything in depth with the the 10 researchers we have at The Block. Join The Block Research if you want to read all of what's coming:
1/ Today we finally launched the DeFi protocol data in The Block’s dashboard. This is the most powerful feature in the dashboard for sure. Massive props to @FrankResearcher for getting this out after months of work.
2/ So what can these dashboards do? First of all, we now have daily data on how much these DeFi protocols are generating split by each protocol. And it’s no surprise we are reaching all-time highs - much higher than during DeFi summer.
3/ The total for February so far is already much higher than for January. Of course Uniswap is leading the way here with $75M in February so far. Followed by SushiSwap ($36M) and Compound ($27M).
We are working on releasing an NFT dashboard on The Block. We are going to start by tracking daily sales and daily users for the following projects:
• NBA Top Shot
• CryptoPunks
• Hashmasks
• Sorare
• Axie Infinity
• CryptoKitties
• Gods Unchained
Any other requests?
When @DappRadar adds support for Autoglyphs and Rare Pepes, we will add those as well.
After we release these collectible metrics, we will also eventually add charts tracking volume on Zora, Nifty Gateway, SuperRare, Rarible, and OpenSea. That's all in the pipeline
I used to be one of the leading voices of Tether criticism but I can say with 100% honesty that the vast majority of Tether critics don't understand crypto market structure and it's making them make bad assumptions. They also don't have the network to figure out the nuance.
So much of the Tether criticism is just lazily jumping to conclusions these days. And I've now blocked most of the accounts that spread this shit without even understanding how to get the correct data to support their arguments.
Most of them also think that the only reason I've changed my mind is that I've somehow been paid off by Tether, it's ridiculous. It's just that most of the concerns I've had have been addressed either publicly or privately. There are reasons for things they do
Stealing a nice idea form @ercwl, would there be demand for The Block Froth Index? Basically an indicator of retail participation relative to 2017 top? My initial thinking is that we could do this fairly easily with the following metrics:
My fiancée is taking a vacation and she’s been bored out of her mind because of covid while I’m still working. She’s always been interested in trading but knows absolutely nothing about crypto. I created a futures account for her, loaded it with $1k and the experiment begins.
I will update this on a daily basis with her balance. If she makes more than 50% return in the next two weeks, I have to quit Twitter for a week. If she loses it all (or most of it), I don’t have to clean the house at all for a month.
First fay didn’t go so well despite everything up about 10%. She took about 10 trades based on orderbook heatmaps and mostly tried to scalp with 6-8x leverage. So far very bullish on me not cleaning but maybe there will be some twists in the coming days. Stay tuned
1/ Every year there are so many of year-end crypto reports. But trust me when I say that you will want to at least skim this one and send it to your non-crypto friends. You can download it for free here: theblockcrypto.com/post/88463/202…
2/ First of all, a massive shout out to the research team. We now have 8 full-time analysts and have produced 550 unique pieces of research and market commentary in 2020. Go follow the team: