SBF on Twitter: "@tabtraderpro yup that sounds reasonable" / 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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Still spot exchanges make $200 in LTV unlike margin exchanges

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TabTrader

@tabtraderpro

Feb 26, 2021

@coinbase annual revenue per retail user is $90. LTV per transacting user could be around $200-$300. This compares favorably to the CAC of $37.

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how much do you think margin exchanges make? and which margin exchanges?

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Used to be $1000-$2000 LTV

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SBF

@SBF_FTX

Replying to

@tabtraderpro

yup that sounds reasonable

7:55 PM · Feb 27, 2021Twitter Web App

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