A few thoughts on our Q4 Earnings yesterday:
2023 was a great year for Coinbase and we’re in a strong financial position. We cut costs by 45% y/y and shipped products faster with a leaner team driving $95 million of positive net income for 2023, $964 million in positive Adj. EBITDA, and total revenue of $3.1B.
We launched the Coinbase International Exchange, derivatives products, the Layer 2 Base which is helping blockchains scale, and played a key role in the Bitcoin ETF approvals as the custodian for 8 of 11 ETF issuers.
Tradfi is adopting crypto and this is great for Coinbase. Bitcoin ETFs are now the second largest commodity ETFs in the U.S. (behind gold), and we custody around 90% of the ~$37B in Bitcoin ETF assets. We've seen net inflows across our retail & institutional products since the ETFs launched (i.e. no cannibalization).
In 2024 we'll focus on growing trading fee revenue with international expansion and derivatives. We'll also focus on driving utility in crypto with payments (for instance, you can now send USDC instantly for free on Base) and by developing Coinbase Wallet into an onchain superapp. Finally, we'll keep driving regulatory clarity for crypto via the courts, https://t.co/7Pqa8n17D9, SuperPac contributions, and encouraging legislation in DC.
We're in a strong financial position, our long term focus on compliance has proved to be right vs competition, and we're well positioned to help accelerate crypto adoption, updating the global financial system.
You can mint the $COIN earnings NFT in this post here: https://t.co/iRLVnTRXdX
In our latest Ecosystem Spotlight, we highlight how integrating native $USDC and #CCTP has helped @dYdX Chain software process over $10 billion in trading volume.
See how the dYdX team is making it easier for users across blockchains to onboard directly to their leading DEX experience.
https://t.co/xFnjCiw0YQ
We’re giving away $150,000 in #BNB to make your Christmas wishes come true 🎅
Six of you stand to win $25k each, and here’s how:
🔸 Retweet
🔸 Follow @Binance
🔸 Share your wish using #BinanceWish & tag 2 friends
We’ll pick 6 to win across socials, so think big & be creative!
Web3.
We talk about it a lot, so we might as well continue.
Here's everything you need to know about the future of the internet.
https://t.co/vCd3tWxvVv
With CZ getting bored of the original 4 photo, it's time to get creative.
Edit the original below and we'll pick 10 of the best to win 1 #BNB each.
Use #Bin4nce so we can find them, and spread the word with a retweet 🫡
The $PLEB community is insane and the memes are pretty rad🔥. Memes & culture = great potential. Chart looking nice👀! @Plebtokeneth
📊Chart:
https://t.co/V6nxfE6Yco
💬TG:
https://t.co/hCVpT9a8Kr
#DYOR#ETH🟧
Congratulations to our beloved @JanetPierson and John Pierson for the much deserved recognition of their life-long dedication to film by the @austinfilm Texas Film Awards tonight. We ❤️ you, Janet!
Hey Austin, I'll be speaking at The @wwd and @footwearnews Wear House event at @sxsw on March 11-12!
We'll be talking about the future of all things wellness, fashion, and the footwear industry.
See you there! 👉🏾 https://t.co/As9SllPgU3
@AnotherAndersen Sad to see @AnotherAndersen leaving the world of TA, but excited to see the insights he'll bring to #macroeconomics.
Have always trust your judgement, your new journey is bound to be as profitable as your previous one