What We Learned About Coinbase Today

Happy Thursday, Blockfolians

The Lede

The Coinbase IPO promises to be one of the biggest events in the history of our young industry - at least when it comes to our overlap with traditional markets.

Today the SEC published its Form S-1 - a document that gives much previously unknown detail about the company.

  • In Q4 of last year, Coinbase had 43m users, of which 2.8m transacted monthly

  • The volume coming from institutional vs retail buying is increasing

  • Revenue in Q1 of this year is projected to be $2.4B

One of the other interesting parts was what Coinbase listed as risks. They included:

  • The unmasking of Satoshi Nakamoto or the movement of his coins

  • Negative perception of Bitcoin or Ethereum

  • DeFi

With early secondary market trading suggesting a valuation of between $77B and $100B, it’s going to be something to watch.

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Final Thought

I mean, it’s just one