SBF on Twitter: "@austerity_sucks https://t.co/PMwVoZw4TE" / Twitter

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

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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)

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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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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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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