Conversation

SBF

@SBF_FTX

Apr 6, 2021

1) Coinbase earnings: investor.coinbase.com/news/news-deta

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716

SBF

@SBF_FTX

Apr 6, 2021

2) This implies: a) ~$4b run-rate EBITDA b) ~$7.2b run-rate revenue c) ~53bps average trading fee (!!!!!) if all comes from transactions

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SBF

@SBF_FTX

Apr 6, 2021

3) So I'm guessing a significant chunk of that revenue is not coming from trading fees, which would be a first. Either that, or mobile app volume is WAAAAY up as a % of exchange volume. So far they haven't broken it down.

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SBF

@SBF_FTX

Apr 6, 2021

4) This is an impressive financial statement, and a huge step for the industry. And kudos to

@coinbase

for waiting to go public until they were consistently profitable and at least somewhat projectable. That's better than many listings. And it's a great precedent for crypto.

421

SBF

@SBF_FTX

5) FWIW, FTX likely had: a) ~5-15% of the revenue b) ~10-25% of the earnings c) ~2x the volume d) way fewer users e) higher in-quarter growth f) a bit higher year-on-year growth (NOT FINANCIAL ADVICE, NOT AUDITED YET, JUST ESTIMATES)

8:25 PM · Apr 6, 2021Twitter Web App

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geliyoruz kıvırcık geliyoruz sakin

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and

i’ll be waiting for the IPO

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💉 🩸 💪🏼

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All in FTT .

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What do you think the stock price will be at the end of the first trading day?

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Thank you for the transparency and general good guy gesture 🤝

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and

Hey,

our guy here needn’t do this alpha leak here, not saying he is jesus or smth but he’s a huge stepup for the industry as a whole as well. Thanks for being a kind evil mastermind Sam!