1) The other crypto IPO
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Great thread, Sam. Similar to how I'm thinking about it as well. Another issue for Coinbase is the trend of fees going down long term. Sure they can charge these in manias but unlikely to last. Coinbase did $923M rev in 2017 on $75.4B volume.
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Last year, they did more than 2x that volume but much lower retail share like you say. If I were to guess, the revenue will be just under $2 billion this yr. Likely like $1.7B or $1.8B
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Yeah it'll be super interesting to see--their business is obviously *way* more valuable if they can find ways to scale up the retail volume
