Happy Tuesday, Blockfolians

The Lede

Coinbase is going public on April 14th. Part of why they delayed till Q2 was so that they could share Q1’s numbers and boy are they a doozy.

• Verified Users of 56 million

• Monthly Transacting Users (MTUs) of 6.1 million

• Assets on Platform of $223 billion, representing 11.3% crypto asset market share

  • Includes $122 billion of Assets on Platform from Institutions

• Trading Volume of $335 billion

• Total Revenue of approximately $1.8 billion

• Net Income of approximately $730 million to $800 million

• Adjusted EBITDA of approximately $1.1 billion

Crypto Twitter is expectedly hyped, and it’s even seeping into traditional FinTwit:

John Street Capital @JohnStCapital

1/ The 56M user # is bigger than @CashApp & @Venmo and significantly larger than @RobinhoodApp & @eToro. That’s greater than every bank not named $JPM.

April 6th 2021

27 Retweets167 Likes

April 14th is going to to be a day to watch.

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Community Commentary

The two best explanations of the numbers

Ellie Frost ❄️ @BlockBytch_

1/ Make It Rain: Coinbase Earnings Will Blow You Away

Coinbase is releasing their Q1 earnings tomorrow, before IPOing on the 14th.

Will they blow Q1 expectations out of the water? Why should the broader crypto community care?

April 5th 2021

595 Retweets3,285 Likes

Larry Cermak @lawmaster

Coinbase just dropped the Q1 earnings and outlook. As expected higher revenue than in the entire 2020.

Q1 summary:

• ~$1.8 billion revenue
• Adjusted EBITDA of ~$1.1B
• Net income of $730-800M
• 56M verified users (+13M)
• 6.1M monthly transacting users (+3.3M)

April 6th 2021

305 Retweets1,166 Likes

A Really Big Number We Should Be Paying Attention To

56m

That’s the number of Coinbase users. More than 4x bigger than Robinhood.

Final Thought

nic carter @nic__carter

Coinbase is the gateway drug. It will be the first Bitcoin-related investment for so many firms that have stayed away thus far. Career risk of buying Coinbase is nil. Sexy, silicon valley company, blue chip, backed by top VCs, abundant cash flows. First true public proxy.

April 6th 2021

98 Retweets953 Likes