Andiamo

🚀

[Milk Road Crypto @milkroaddaily]

Coinbase just posted one of their most important earnings reports to date, and most people completely failed to see the bigger story at play.

They're all focused on the headline miss:

- Revenue down 22%.
- Consumer transaction revenue down 45%.
- A $2.49 loss per share when analysts expected $1 profit.

Looks terrible, right?

Here's the (bullish) reality everyone seems to want to ignore:

@Coinbase isn't the same company it was in 2021.

They now have 12 (twelve!) different products generating over $100M annually.

Meaning they're not a crypto exchange anymore, they're a financial infrastructure company.

Trading volume hit $5.2T for the year. Up 156% year over year.

Market share doubled to 6.4%.

Their subscription and services revenue reached $2.8B (that's 5.5x higher than the peak of the last bull cycle, btw).

Almost 1M people now pay for Coinbase One subscriptions (tripled in three years).

They acquired Deribit and became the global leader in crypto derivatives by open interest and options volume.

They launched prediction markets.

They launched equities trading.

They're handling crypto custody for over 150 government agencies.

The Q4 "miss" happened because consumer transaction revenue dropped.

Translation: retail wasn't aping into memecoins as hard in Q4.

That's supposed to be bearish?

The entire thesis against Coinbase has always been that they're too dependent on retail speculation during bull markets.

This earnings report shows they've been systematically fixing that problem.

Stablecoin revenue spiked 61%.

Average USDC held on platform hit an all time high of $17.8B.

They're building toll roads, not casinos.

When the next wave of institutional adoption hits, they're the incumbent.

When the next retail mania arrives, they'll capture it too.

But now they don't need either to survive.

This is what transformation looks like.

One quarter's miss during a downturn doesn't change the trajectory.

The "Everything Exchange" thesis is playing out.

[Coinbase 🛡️ @coinbase]

SEC staff have agreed to dismiss their case against us (pending Commission approval).
But this isn’t the end.
It’s the beginning.
And if there were ever a time to build—that time is now.

Thank you to everyone who stood with us, and stood with crypto.

[Kate Aksay @kate_onchain]

What time is it? @base time!

[Coinbase 🛡️ @coinbase]

The facts are the facts. 🛡️

[Nayib Bukele @nayibbukele]

This guy said we used Bitcoin for money laundering and corruption 😂

[The Wolf Of All Streets @scottmelker]

This is insane.

I had to fact check this video from @SenLummis, when she stated that gold certificates held by the Federal
Reserve are valued at 1970s price.

She is right, and it is nuts. I looked it up...

Gold certificates held by the U.S. Treasury are still valued at their 1973 statutory price of $42.22 per ounce, rather than the current market price of gold.

How Gold Certificates Are Valued in the U.S. Reserve:

- Fixed Price of $42.22/oz:The U.S. Treasury values its gold reserves based on a statutory price set in 1973 ($42.22 per troy ounce).
- This valuation remains unchanged despite the market price of gold being significantly higher (currently around $2,000+ per ounce).

Gold Held at Fort Knox and Other Depositories:

- The U.S. holds 261.5 million troy ounces of gold.
-At the outdated valuation ($42.22/oz), this gold reserve is reported as ~$11 billion on the Federal Reserve's balance sheet.
-If marked to current market value, the reserves would be worth over $500 billion.

Why Doesn’t the U.S. Update the Gold Price?

- The statutory price is a relic of the Bretton Woods system, which ended in 1971 when the U.S. fully transitioned off the gold standard.
- Adjusting the value would affect monetary policy, Treasury accounting, and international financial agreements.

[Michael Saylor @saylor]

BlackRock explains #Bitcoin

[Andiamo @CB____22]

@JeffPassan Uniform still wack lol

[Emilie Choi 🛡️ @emiliemc]

Slowly and then all at once….

[Ash Crypto @AshCrypto]

If you have survived

- BTC crash from $69k to $15.4k
- LUNA to $0 by Do kwon
- 3AC going from $18bln to $0
- Celsius and voyager bankrupt
- FTX / FTT Meltdown
- USDC de-peg
- Binance bank run
- CZ stepping down
- SEC suing everyone
- 2 year bear market

You deserve this pump.

[Andiamo @CB____22]

@twobitidiot $BRETT on @base !

[Anthony Pompliano 🌪 @APompliano]

Today is an incredibly sad day in America.

If you want your voice heard, show up to the ballot box in November.

[Andiamo @CB____22]

@IAmSteveHarvey Host an all time TV game show with various families across the country.

[Andiamo @CB____22]

@ShardiB2 @coinbase Coinbase will never directly contact you! Watch out for anyone who claims they work there.

[Andiamo @CB____22]

@CrashiusClay69 Hello

[Andiamo @CB____22]

@CrashiusClay69 BRETT to the moon, brother

[Andiamo @CB____22]

@noahmiller BRETT

[Andiamo @CB____22]

@garyvee yes

[WallStreetBets @wallstreetbets]

Yesterday the former SEC chair said that RoaringKitty manipulated $GME GameStop shares by tweeting memes.

Yet today Senator Tommy Tuberville is trading options on companies he legislates and Pelosi's portfolio hits all time highs.

But silence from the SEC chair.

[Bankless @Bankless]

BREAKING: 51 VOTES! Senate just voted to repeal Gensler's anti-crypto rule SAB121 🎉

Key Democrat Senators broke party lines to vote yes.

Now Biden has to choose.

Does he choose anti-crypto and veto or let it pass?

His next move could cost him the election.