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1) Interesting notes from the Coinbase S1: sec.gov/Archives/edgar

182

Feb 25, 2021

2) $1b of expenses. How do you spend $1b? Apparently split between: --transaction expenses ($135m) --"Technology" ($270m) --ads ($50m) --G&A (prob payroll) ($280m) --other ($125m)

SBF

@SBF_FTX

3) Revenue is 95% *retail* trading fees. Why retail? Because they charge ~1-10%!!!

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SBF

@SBF_FTX

Jan 12, 2021

1) The other crypto IPO

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4:54 PM · Feb 25, 2021Twitter Web App

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4) 75% US -- not super shocking. The revenue that didn't come from trading fees? Selling appreciated coins. (VC investments? BTC?)

SBF

@SBF_FTX

Feb 25, 2021

5) Given their numbers, I'm guessing that ~$70m/day traded on average on their mobile app in 2020. What is it now? I don't know! Their volume is up 5x. How much of that is institutional?

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are you sure (dont see in the report the 95% reference)? they seem to count the non-pro trading experience and coinbase pro trading (by non-institutions) to be retail user trading, and that's 43 million users as "retail" and 7,000 institutions as non-retail

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and

i see transaction revenue breakdown by asset and a trading volume breakdown by retail vs institutional but not a revenue breakdown by retail vs institutional