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

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