Coinbase announced its Q4 2023 result yesterday. As we had estimated, it posted a massive beat over consensus analyst expectations. The huge beat was led by growth in retail trading volumes.
The management shared commentary on Bitcoin spot ETFs. Coinbase provides custody for 90% of Bitcoin spot ETF assets. It is monetizing ETFs beyond custody with trading and financing. Coinbase is also the custody partner for five of eight Ethereum spot ETF applications.
The management also shared their excitement about new sectors in crypto, including payments, decentralized social, and restaking.
