9 Comments

When investing in a business the most important thing is the product and the second is the management. Coinbase has an excellent product and a great management team, I believe in this company, and they will continue to grow. I think they should buy the NYSE in the future.

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Fun! I usually look at the team and then the product. I see both ways though. So fun to share how we think about things.

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One more bullish data point - BlackRock has partnered with Coinbase for custody solutions.

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As usual. Very well thought out

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Pomp-- a few interesting stats on $COIN.

In 2020 they had revs of $1.2B

In 2021 they had revs of $7.84B, a 513.66% YOY increase.

In 2022 they did $3.19B in revs.

In 2023 they are projected to do roughly $3Bish.

IF $COIN was to have another 500% rev growth that would put them near $15B in revs in 2024. Wowie 🤩

Major catalysts:

- In 2021, Coinbase reported 56 million users.

- In 2023, they are reporting 98 million users.

** they’ve nearly doubled their retail customer base.

- ETF approval. Coinbase is custodian for 9 of 12 of proposed ETFs. I believe you published some stats around custodial fees but they would be massive. Let alone the “relationship” with the biggest institutional buyers.

Long story, short-- I am very bullish on Coinbase.

I have a Stack coming out tomorrow morning where I break down $COIN further. Hope you check it out 👊

Thanks,

Dustin

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I sold my $COIN position in my Roth to buy MSTR and some mining stocks. I think Coinbase will feel the pressure of reduced fees from Blackrock, Fidelity, etc and will not make as much money from trading fees.

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I appreciate the excellent analysis and thoughts regarding Coinbase.

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Coinbase will always be a good investment. Has a large market share in the US. And most people I know when first buying crypto, usually signs up to Coinbase to buy those assets. I imagine it is mostly the same across most western countries.

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My 2 sats:

As long as there’s no way for funds and public entities to properly invest in Bitcoin and/or Crypto in a regulatory environment, this will continue.

As soon as the 🚪 opens, the 💰 will flow into the assets and these companies will have to share the 🍯.

The assets will move faster than stocks with better returns at this point due to their lower market cap and retail 💰 .

Thank you for the letter as always Pomp!

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