Coinbase's Evolution and Changing Focus

10min Snip

00:00

Play full episode

Summary

Transcript

Episode notes

The chapter discusses the evolution of Coinbase as a company, highlighting its period of stagnation and wake-up call during the recent bull market. It also explores Coinbase's efforts to lead in terms of regulation and its reassertion as a leader in the crypto space. Additionally, it touches upon Coinbase's potential to fill the gap in the institutional lending market and its expansion into various areas of the crypto industry.

This is our first time ever covering a TradFi stock! However, Coinbase is a different beast…

Coinbase is a behemoth of a company, growing since May of 2012. CEO Brian Armstrong has been on Bankless a number of times.

Today, we’re bringing on two analysts–independent researcher Jay (0xJaypeg) and Delphi Digital analyst Michael Rinko.

Today’s episode will not be a history lesson on Coinbase, if you’re looking for that, we’ll highly recommend checking out Coinbase’s documentary: COIN: A FOUNDER'S STORY

Today’s episode is all about $COIN the asset. Down from its ATH of $342/share in Nov. 2021 to $85 today—and with a current market cap of $17.8B— are you bullish $COIN? Why or why not?

------ ✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-coin-bull-case

----- 🏹 Airdrop Hunter is HERE, join your first HUNT today https://bankless.cc/JoinYourFirstHUNT

------ TIMESTAMPS

0:00 Intro 4:30 The Business of Coinbase 8:40 Diversifying the Business 14:30 Analyzing Equities 17:20 Coinbase USDC 23:30 Yields and Interest Revenue 31:45 The Staking Business 37:00 The Take Rate 43:45 Growth of Staked ETH 48:20 Coinbase International 56:45 Derivatives Revenue and Regulation 1:06:00 Coinbase Bank and Custody 1:17:00 BASE 1:31:00 Ranking Coinbase’s Opportunities 1:35:00 Coinbase Assets 1:38:20 The Company Itself 1:48:00 Predicting $COIN 1:54:50 The Bear Case

----- RESOURCES

Michael on Twitter https://x.com/mrink0

Jay on Twitter https://x.com/0xjaypeg

Delphi Digital Report https://members.delphidigital.io/reports/coinbase-from-sleeping-giant-to-industry-leader

----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures