2) This implies:
a) ~$4b run-rate EBITDA
b) ~$7.2b run-rate revenue
c) ~53bps average trading fee (!!!!!) if all comes from transactions
a) ~$4b run-rate EBITDA
b) ~$7.2b run-rate revenue
c) ~53bps average trading fee (!!!!!) if all comes from transactions
3) So I'm guessing a significant chunk of that revenue is not coming from trading fees, which would be a first.
Either that, or mobile app volume is WAAAAY up as a % of exchange volume.
So far they haven't broken it down.
Either that, or mobile app volume is WAAAAY up as a % of exchange volume.
So far they haven't broken it down.
4) This is an impressive financial statement, and a huge step for the industry.
And kudos to @coinbase for waiting to go public until they were consistently profitable and at least somewhat projectable. That's better than many listings.
And it's a great precedent for crypto.
And kudos to @coinbase for waiting to go public until they were consistently profitable and at least somewhat projectable. That's better than many listings.
And it's a great precedent for crypto.
5) FWIW, FTX likely had:
a) ~5-15% of the revenue
b) ~10-25% of the earnings
c) ~2x the volume
d) way fewer users
e) higher in-quarter growth
f) a bit higher year-on-year growth
(NOT FINANCIAL ADVICE, NOT AUDITED YET, JUST ESTIMATES)
a) ~5-15% of the revenue
b) ~10-25% of the earnings
c) ~2x the volume
d) way fewer users
e) higher in-quarter growth
f) a bit higher year-on-year growth
(NOT FINANCIAL ADVICE, NOT AUDITED YET, JUST ESTIMATES)
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