Coinbase Global Inc (COIN)

[JohnCM]

$COIN Kills Earnings ??
Coinbase bested analyst estimates in a blockbuster Q2 earnings report. ??
The company reported $2.03 billion in revenue aided by a $737 million tax benefit derived from its direct listing. Most of Coinbase’s revenue comes from retail investors: more than $1.8 billion of its most recent quarter’s revenue. The remainder comes from staking/blockchain-related revenues ($39 billion), custodial fees ($31.7 billion), and other sources.
Coinbase took home a whopping net income of $1.6 billion (78.9% of their revenue).
The platform’s total assets fell 19.2% quarter-over-quarter. Coinbase’s institutional holdings have fallen against retail’s, implying that users and institutions either moved their assets from the exchange or sold their positions. Based on crypto’s bizarre performance last quarter, either guess is as good as any. ??
Coinbase is currently sitting on a treasure trove of cash. The company reported $4.4 billion in cash and cash equivalents. Yikes. That sounds like a bit much for a crypto exchange… unless $COIN‘s planning to take out a firm with some fresh fiat. ??