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Coinbase Q4 Review - Bright and Shiny
Key Insights
- 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.
- 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 exchange’s recent foray into derivatives is starting to grow. Coinbase International broke its daily volume record of $700 million.
- The management shared their excitement about new sectors in crypto, including payments, decentralized social, and restaking.
Coinbase announced its Q4 2023 earnings yesterday, reporting its net revenue at $905 million. This was a massive beat on the street’s gross revenue expectation of $824 million and even higher than our net revenue estimate of $866 million.
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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.
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