This chapter explores Coinbase's significant holdings of crypto assets, including 9,000 BTC and 130,000 ETH on their balance sheet, as well as their exposure to the Optimism Collective. It also highlights Coinbase Ventures' investments in high-quality projects, with a mark to market fair value of around $145 million.
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