3) I almost wanted to end the thread there, because I really do think that's the headline result!
But there are a lot of other interesting tidbits.
4) First of all, where does that revenue come from?
Most analyses I've read of this get it wrong.
They'll talk breathlessly about the growth in subscription revenue (82%!) and point to custody, staking, etc.
But that's not the right way to think about it:
5) Their "transaction revenue" (trading fees etc.) was $1.9B.
Their "subscription revenue" (custody, staking, etc.) was $0.1B.
Their subscriptions grew quickly! But that's still just 5% of revenue.
95% is trading fees.
6) To be fair, I've been guilty of this too. I'll talk about growth metrics in FTX's margin borrow/lending book, but the truth is that, for FTX--like Coinbase, and like most crypto exchanges--most of the revenue comes from trading fees.
7) Another interesting thing to note here: retail vs institutional.
In Q2, Coinbase made $1.8B on retail fees, and $0.1B on institutional fees.
So 90% of their revenue is from retail trading fees, 5% instos, and 5% custody/staking.
2) Huobi burned 2.3m HT ~ $22.6m for the month of July.
What does that mean?
3) Well, Huobi claims to burn 20% of its revenue.
(This is a little complicated -- they buy/burn 15%, and then they buy/burn 5% from something that looks kinda like the team allocation: huobi.com/support/en-us/…)
So that means they're claiming about $110m revenue in July 2021.