Happy Tuesday, Blockfolians
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:
1/ The 56M user # is bigger than& and significantly larger than & . That’s greater than every bank not named $JPM.
April 14th is going to to be a day to watch.
Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.
Highly Relevant Reading
Arthur Hayes surrendered to US authorities
What Topps going public says about NFTs
Signal is integrating MobileCoin
Square, Fidelity, Coinbase and others form new crypto lobbying
The two best explanations of the numbers
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?
Coinbase just dropped the Q1 earnings and outlook. As expected higher revenue than in the entire 2020.
• ~$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)
A Really Big Number We Should Be Paying Attention To
That’s the number of Coinbase users. More than 4x bigger than Robinhood.