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Coinbase Q4 Review - Bright and Shiny

Feb 16, 2024 ⋅  8 min read

Coinbase announced its Q4 2023 result yesterday. As we had estimated, it posted a massive beat over consensus analyst expectations. The huge beat was led by growth in retail trading volumes. The management shared commentary on Bitcoin spot ETFs. Coinbase provides custody for 90% of Bitcoin spot ETF assets. It is monetizing ETFs beyond custody with trading and financing. Coinbase is also the custody partner for five of eight Ethereum spot ETF applications. The management also shared their excitement about new sectors in crypto, including payments, decentralized social, and restaking.

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Kunal previously worked in equity research and now considers himself a financial analyst in crypto. He specializes in valuation and bottom-up analysis for Layer-1 and DeFi protocols because he has yet to learn of a way to value NFTs.

About the author

Kunal previously worked in equity research and now considers himself a financial analyst in crypto. He specializes in valuation and bottom-up analysis for Layer-1 and DeFi protocols because he has yet to learn of a way to value NFTs.