Examining Coinbase's Revenue Shift and Market Risks

Larry Cermak, director of research at The Block, discusses the upcoming Coinbase direct listing in light of the exchange’s recently released Q1 revenue hitting an impressive $1.8 billion. In this episode, Larry talks about:

• significant takeaways from Coinbase’s Q1 results (1:04)
• how Coinbase was able to increase its non-transaction revenue in Q1 and why he thinks the exchange gets away with charging higher fees than its competitors (4:14)
• why retail consumers are investing in crypto at such a high clip (8:36)
• how Coinbase compares to its competition -- and why competition will drive transaction fees down (11:23)
• whether it matters that Coinbase has so little Bitcoin on its balance sheet (14:52)
• what he still wants to know about Coinbase after its S-1 filing and Q1 results 15:36)
• products and services that Coinbase should acquire to round out its crypto offering (17:10)
• his expectations for Coinbase’s stock performance (17:50)
• why investors may not be interested in NFTs (19:37)
• how the crypto markets will perform in 2021 and how that might affect the COIN price (20:43)
• Crypto New Recap (22:40) 

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Episode links:

Larry Cermak

https://twitter.com/lawmaster

Coinbase Q1 Results

• Coinbase Details
• • https://investor.coinbase.com/news/news-details/2021/Coinbase-Announces-First-Quarter-2021-Estimated-Results-and-Full-Year-2021-Outlook/default.aspx 
• Larry Cermak Analysis
• • https://twitter.com/lawmaster/status/1379527265021743110 
• The Block
• • https://www.theblockcrypto.com/genesis/100749/final-notes-ahead-of-the-coinbase-direct-listing?utm_source=research&utm_medium=email&utm_campaign=2021-04-08
• John Street Capital
• • https://twitter.com/JohnStCapital/status/1379526362692788227

Direct Listing Information

• https://www.cnbc.com/2021/04/01/coinbase-direct-listing-set-for-april-14-after-sec-approval.html
• https://www.coindesk.com/coinbase-sec-form-s-1

Related Podcasts

• Gil Luria
• • https://unchainedpodcast.com/is-coinbase-stock-a-good-buy-this-analyst-says-yes/
• Jeff Roberts
• • https://unchainedpodcast.com/coinbases-s-1-the-number-that-may-make-the-exchange-nervous/

Link to the Crypto News Recap:

https://unchainedpodcast.com/happy-birthday-satoshi1/

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