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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

Feb 25, 2021

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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SBF

@SBF_FTX

Feb 25, 2021

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

SBF

@SBF_FTX

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?

4:54 PM · Feb 25, 2021Twitter Web App

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is the best of the best exchange

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Coinbase Custody is holding all

assets.

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Hey Sam when is ftx mobile app going to upgrade , tons of features can be added, just look around for inspiration from malta based exchange app.

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Anything in specific you’d like to see us add? We are constantly rolling out updates and new features, but user suggestions are always valuable to know where else we need to improve / what we need to add

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Can we get some more coins on FTX US? Would love to ditch Coinbase. I do think Coinbase is a great start to bringing more knowledge and investors into the space, but man I'd rather stick with you than them

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What are we missing that would help bring you over?

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Coinbase dropped some great customer segment data today in the S1. If this chart doesn't make you bullish then you are a lost cause and HFSP. Volume top in Q1 2018 - 80% retail Volume top in Q4 2020 - 36% retail