Conversation
6) You get a revenue of ~$650m, and expenses of...
...well:
a) $150m of marketing
b) $600m of dev payroll
c) $500m of other payroll
d) $100m of 'other'
e) $400m of balance sheet asset price decline
for a total of ~$650m rev, ~$1.4b core expenses, plus $400m impairment.
Replying to
7) That leads to a loss of roughly $700m, plus another $400m from impairment.
My guess is the vast majority of the expenses are coming from payroll/bonuses/etc. here.
Coinbase has ~5k FT employees, paying roughly $4b/year for them. (Makes sense, for devs.) Revenue now ~$2.5b.
10
12
139
8) It'll be interesting to see the impact of their recent headcount changes on upcoming earnings!
FWIW I highly recommend Brian's well-written post on it: blog.coinbase.com/a-message-from
And macro. Remember: Coinbase is more sentiment-dependent than FTX! Large upside in a recovery.
14
15
175