It's not obvious this is true.
They make ~0.10% on their insto trades, and ~1-10% on their retail trades.
From 2019 to 2020 instos grew 140% and retail grew 80%
Now volume is up ~750%. How much of that growth is from retail vs instos?
Makes a huge difference!
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One last crazy fact from the Coinbase S1 I will throw in there today.
Coinbase revenue is 96% transactional. That means that % of revenue/volume is relatively stable. So if you know volume, you can deduce revenue relatively easily.
What does this mean?
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