Coinbase earning - what really stands out is the revenue hit both in retail & institutional didn't impact their revenue. They made up for the loss of volume with interest income tripling & reward services.
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This explains the tepid Coinbase shopping post crash - they have $5.5B on hand, but burning through roughly $500m a quarter. they have enough to make it through a 2 year bear market, but it limits their m&a game.
If we already saw the bottom, this could be good news.
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Why? they've barely cut the G&A/dev expenses meaning there's more to shave off, but the alarming thing is the 21% tx expenses on net revenue, when most of the revenue this quarter is from services. meaning the real cost went up
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Tell me Coinbase feels handicapped by US crypto regulations holding you back from being FTX plz, without naming SBF, the SEC or CFTC
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I have to say, as much as I like what Coinbase has done, FTX looks to have locked this market up. They've just executed better than Coinbase, attracted a more sophisticated customer base with more $$$, etc. Agree w/you re US regs.
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having just read the statement, can't help but admit that despite that, Coinbase seems to be a well managed company that's prepped on all crypto fronts. so maybe we're judging them too harshly
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Yeah I think it's well managed. But I also think it's too much of a Silicon Valley company to compete in the capital markets...needs more of a NYC/DC mindset, if that makes sense. There's a reason SBF is in DC so much. And it's not because he likes the Smithsonian.
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ya tbh I've never really liked museums
It gets so hard mentally when you reach out to get help but are ghosted completely . The same situation is with my project but I'm not giving up on hope. Hope is still there that keeps driving me through tough times
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