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SBF
@SBF_FTX
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@SBF_FTX
2) Overall, bear markets suck for retail. Coinbase's revenue, and volume, were down a fair bit; their retail volume in particular was down ~45% quarterly. (The flip side--lots of growth potential in the next bull market!)
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SBF
@SBF_FTX
3) Once again, the vast majority of their transaction revenue was retail -- around 95%. Of their other revenue--now ~25% of their total--'interest income' is the most interesting one. About $20m of this seems to be on Coinbase, and the other ~$80m of it from USDC.
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SBF
@SBF_FTX
4) Once again, partially ignore the staking revenue, it's likely mostly passing through to customers and offset by an expense item. In terms of expenses and EBITDA--it's a little tricky to parse exactly. They report $545m loss and adjusted EBITDA of $116m loss.
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SBF
@SBF_FTX
5) My reading of this is, roughly: a) $145m of the difference is encumbered capital which will be returned b) $100m or so of loss to FX moving So something like a real loss of $400m, and a 'predictive' loss of $300m.
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SBF
@SBF_FTX
6) Annualizing this out, and netting out staking, you get something like: Revenue: $2b Expenses: $3.2b Once again, the vast majority of expenses seem to be headcount--roughly 80%. They have roughly $6b on hand.
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