2) First, how have they (and others!) done recently?
Well, they're the yellow line. They had a mediocre Q3, but they're probably in line for a good Q4!
3) So how did they do?
Well, they made $1.2b of revenue and $600m of EBITDA.
As always, that is nearly all retail; average retail fees were 1%. On the mobile app, average fees were probably higher, and that was probably where most of it came from.
4) How about the other ~20% of their reveune?
Well, ~8% ($80m) came from 'blockchain rewards', which here mostly means staking revenue (e.g. ETH2).
But: they also booked $1978 of "transaction expenses", mostly from ETH2 staking.
Because it was *gross* revenue. Net was lower.
5) And the expenses?
They're paying ~$4b/year in expenses.
~60% of that is 'Tech' or 'G&A', both of which seem to probably most be headcount?
There are ~2.7k full-time employees, so ~$1m/year/FTE.
6) But the most interesting is 'Other operating expenses', a cool $500m/year.
And those seem to be user compensation from downtime.
That's a lot of user compensation!
Sam, your amazing how you subtlety break down a company and they shit on it loool, i want to be like you, how can I start? Do I have to get a Physics degree?
