Unchained

Unconfirmed: What $1.8 Billion in Q1 Revenue Means for Coinbase’s Direct Listing - Ep.227

Apr 9, 2021

Larry Cermak, Director of Research at The Block, shares insights on Coinbase's impressive $1.8 billion Q1 revenue. He discusses how Coinbase's shift to non-transaction revenue allows them to charge higher fees and attract retail investors. Cermak analyzes the competitive landscape of crypto exchanges and predicts future trends like fee compression. He also touches on the implications of Coinbase's minimal Bitcoin holdings and the investor outlook for NFTs, rounding it all off with expectations for crypto market performance in 2021.

35:45

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Episode guests

Larry Cermak

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Episode notes

Intro

4min

Examining Coinbase's Revenue Shift and Market Risks

4min

Surge in Retail Interest and Coinbase's Market Dynamics

4min

The Evolving Landscape of Cryptocurrency Exchanges

10min

Weekly Cryptocurrency News Recap: Key Developments and Market Trends

4min

NFT Market Insights and Cryptocurrency Developments

9min

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)