Amy and I wrote up Coinbase’s 10-Q and earnings call for the third quarter of 2023. It’s over at Amy’s. [Amy Castor]
It’s been nearly two years since Coinbase turned a profit. Things have only worsened since the previous quarter. The bubble burst in May 2022 — and the customers just got up and left.
This is why Coinbase is so insistent on trading blatant unregistered securities — it’s all they have left for a business model.
Coinbase are screwed and they know it. This 10-Q is a prayer for a miracle.
Your subscriptions keep this site going. Sign up today!
Strange that Blackrock would use coinbase as a hub for crypto storage, if its finished .
Blackrock engaging Coinbase as a custodian is practically irrelevant. The ETF move would be a disaster for Coinbases trading revenue. So you’re left with ancillary businesses which are worth very little
yeah, Amy and I think the idea is Coinbase floundering about for a new business. We’re also very sceptical that US bitcoin ETFs would actually attract significant new money – there’s plenty of bitcoin ETFs in other countries that haven’t had any such effect. I mean, we could be wrong and the US might be a special case …
Blackrock engaging Coinbase Custody is not unreasonable. It’s a known quantity in the business. If Coinbase went broke, Coinbase Custody would be something that could be spun out as smaller but viable. And even we don’t think it’ll turn out to be quite the clownshoes operation Prime Trust turned out to be, putting the funds in custody into frickin’ Terra-Luna.