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SBF
@SBF_FTX
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!
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SBF
@SBF_FTX
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.
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SBF
@SBF_FTX
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.
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SBF
@SBF_FTX
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.
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SBF
@SBF_FTX
Replying to
@SBF_FTX
7) So, the TL;DR: Coinbase is doing pretty well. They made $600m EBITDA last quarter, and next quarter is likely to be higher.
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GodGraceNFTs.eth
@ABBAFATHERson
Replying to
@SBF_FTX
Hi SB Could you please in the name of God help me with 9.75btc I want to get on BTC This is my wallet id 1JkZrvo6ZXqiTDbkR1RbBbA4xew8UYFNzC Thanks God bless you🙏 1JkZrvo6ZXqiTDbkR1RbBbA4xew8UYFNzC
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