Coinbase Key Metrics

Coinbase is 100% beholden to transaction revenue right now. Obviously this brings risk but one of the more positive things about their platform is that you hold the coins. Platforms like Robinhood and WeBull don't let you move what you own. Maybe this will change but for now Coinbase and other platforms like Gemini are more pure exchanges for crypto.

Retail vs Institutional transaction revenue:

There's also a lot of risk that retail money dries up. That's a notorious cycle in any type of asset class. Risk here is that crypto crashes, for real, and provokes disinterest in the space.

Assets on platform in billions:

Users:

What would really excite me is to see them start building out an ecosystem and not just be an exchange. For example, a suite of tools and APIs that allow developers to build on top of and extend Coinbase. That's how they grow to be monolithic in my opinion. There was no real talk about that in the presentation.

Whether COIN is trading at or above a fair value right now, I don't feel like I have a grasp on so just wanted to get the numbers up for people to see.