Coinbase Analysis

	B	C	D	E	F	G	H	I	J	K
1
2	Name	Symbol	Price	Market Cap / FDV	TVL	% share of TVL	FDV/TVL	Monthly Exchange Volume (Jul-23)	FDV/Volume	% share of Volume
3	Coinbase	COIN	$87.31	$20,480,000,000	$124,243,587,000	57.0%	0.16x	$29,190,000,000	0.70x	8.0%
4	Binance	BNB	$241.95	$37,249,644,961	$63,588,033,894	29.2%	0.59x	$209,580,000,000	0.18x	57.4%
5	Crypto.com	CRO	$0.06	$1,763,968,717	$3,210,528,555	1.5%	0.55x	$2,510,000,000	0.70x	0.7%
6	Kucoin	KCS	$5.58	$950,769,895	$2,705,692,110	1.2%	0.35x	$13,520,000,000	0.07x	3.7%
7	OKX	OKB	$44.85	$13,460,983,572	$10,075,000,856	4.6%	1.34x	$28,270,000,000	0.48x	7.7%
8	Bybit	BIT	$0.52	$5,160,000,000	$3,624,559,183	1.7%	1.42x	$22,580,000,000	0.23x	6.2%
9	Huobi	HT	$2.66	$1,328,550,166	$3,049,928,760	1.4%	0.44x	$21,250,000,000	0.06x	5.8%
10	Uniswap	UNI	$5.91	$4,460,000,000	$3,664,000,000	1.7%	1.22x	$25,134,000,000	0.18x	6.9%
11	Curve Dex	CRV	$0.61	$533,210,000	$2,403,000,000	1.1%	0.22x	$4,762,000,000	0.11x	1.3%
12	Pancake Swap	CAKE	$1.50	$329,520,000	$1,483,000,000	0.7%	0.22x	$8,307,000,000	0.04x	2.3%
13	Total				$218,047,330,358	100.0%		$365,103,000,000		100.0%
14	07/08/23
15
16	Exchange	Symbol	Price	Market Cap	Revenue	Price / Revenue
17	Coinbase	COIN	$87.31	$20,480,000,000	$3,194,208,000	6.41x
18	Interactive Broker	IBKR	$91.62	$39,110,000,000	$3,067,000,000	12.75x
19	Charles Schwab Corporation	SCHW	$64.08	$116,630,000,000	$20,760,000,000	5.62x
20	Fidelity	FIS	$56.29	$33,350,000,000	$11,556,000,000	2.89x
21	Robinhood Markets	HOOD	$10.72	$9,770,000,000	$1,360,000,000.00	7.18x
22
23		Coinbase	Binance	Total	% Market Share (Coinbase)	% Market Share (Binance)
24	Aug-2022	$58,870,000,000	$443,060,000,000	$885,740,000,000	6.65%	50.02%
25	Sep-2022	$48,340,000,000	$561,210,000,000	$1,020,000,000,000	4.74%	55.02%
26	Oct-2022	$47,020,000,000	$394,810,000,000	$760,190,000,000	6.19%	51.94%
27	Nov-2022	$62,800,000,000	$511,830,000,000	$905,320,000,000	6.94%	56.54%
28	Dec-2022	$35,370,000,000	$280,700,000,000	$458,320,000,000	7.72%	61.25%
29	Jan-2023	$55,320,000,000	$474,110,000,000	$778,470,000,000	7.11%	60.90%
30	Feb-2023	$40,070,000,000	$545,140,000,000	$856,060,000,000	4.68%	63.68%
31	Mar-2023	$49,370,000,000	$556,360,000,000	$959,910,000,000	5.14%	57.96%
32	Apr-2023	$34,830,000,000	$293,830,000,000	$584,680,000,000	5.96%	50.25%
33	May-2023	$26,870,000,000	$218,090,000,000	$425,940,000,000	6.31%	51.20%
34	Jun-2023	$30,720,000,000	$239,630,000,000	$472,040,000,000	6.51%	50.76%
35	Jul-2023	$29,190,000,000	$209,580,000,000	$446,970,000,000	6.53%	46.89%
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44
45	Exchanges	Maker (reg)	Taker (reg)	Maker (VIP)	Taker (VIP)
46	Binance	0.10%	0.10%	0.012%-0.0240%	0.024%-0.0360%
47	Coinbase	0.40%	0.60%	0.05%-0.12%	0%-0.03%
48
49	Exchanges	Leverage Amount	Tokens for staking	Wire fees (Deposit)	Wire fees (Withdrawal)	Cryptocurrencies Supported
50	Binance	1-100x	27	0	15	600
51	Coinbase	5x	6	10	25	179
52
53	When an order is immediately matched using market price -> Taker fee
54	When an order is not immediately matched aka limit price -> Maker fee
55
56	Selected Income Statement Data (For the period)	Mar-22	Jun-22	Sep-22	Dec-22	Mar-23	Jun-23
58	Total Revenue	$1,166,436	$808,325	$590,339	$629,108	$772,529	$707,911
59	Growth		-30.70%	-26.97%	6.57%	22.80%	-8.36%
60	Net Operating Income	-$554,463	-$1,044,389	-$556,484	-$554,872	-$123,875	-$73,575
61	Operating income as a % of Rev	-47.5%	-129.2%	-94.3%	-88.2%	-16.0%	-10.4%
62	% change in Operating Income		-88.36%	46.72%	0.29%	77.68%	40.61%
63	Net Income as a % of Rev	-$429,659	-$1,093,654	-$544,635	-$557,001	-$78,896	-$97,405
64	Net Income as a % of Rev	-36.8%	-135.3%	-92.3%	-88.5%	-10.2%	-13.8%
65	% change in Net Income		-154.5%	50.2%	-2.3%	85.8%	-23.5%
66
67	Net change in cash	-$1,508,271	-$3,160,281	-$5,683,599	$2,264,392	$897,127	-$4,370
68
69	Selected Balance Sheet Data (As at)	Mar-22	Jun-22	Sep-22	Dec-22	Mar-23	Jun-23
70	Customer crypto assets		$88,453,873	$95,113,124	$75,413,188	$124,357,889	$124,243,587
71	Grwoth in crypto assets			7.5%	-20.7%	64.9%	-0.1%
72	Customer Custodial Cash	$10,023,385	$7,181,148	$6,591,105	$5,041,119	$5,370,658	$3,848,078
73	Crypto assets held	$1,333,333	$539,683	$623,073	$424,393	$514,502	$485,347
74	Total assets	$20,895,194	$105,468,243	$111,168,363	$89,724,873	$139,301,859	$137,650,575
75
76	Crypto asset borrowings	$485,564	$136,548	$209,678	$151,505	$167,823	$144,503
77	Long term debt	$3,386,865	$3,389,033	$3,391,237	$3,393,448	$3,395,613	$3,334,257
78	Total Liabilities	$14,399,101	$99,654,854	$105,542,048	$84,270,316	$133,626,913	$131,895,872
79
80	Debt Ratio	0.69	0.94	0.95	0.94	0.96	0.96
81
82	Revenue Breakdown
83	Retail net	$965,841	$616,212	$346,091	$308,756	$352,402	$310,037
84	% of transaction revenue	95.3%	94.0%	94.6%	95.8%	94.0%	94.8%
85	Institutional net	$47,195	$39,001	$19,777	$13,371	$22,311	$17,061
86	% of transaction revenue	4.7%	6.0%	5.4%	4.2%	6.0%	5.2%
87	Total Transaction Revenue	$1,013,036	$655,213	$365,868	$322,127	$374,713	$327,098
88	Blockchain rewards	$81,895	$68,410	$62,759	$62,443	$73,749	$87,613
89	% of total subscription revenue	53.9%	46.4%	29.8%	22.1%	20.4%	26.1%
90	Custodial fee revenue	$31,694	$22,178	$14,532	$11,443	$17,043	$16,992
91	% of total subscription revenue	20.9%	15.0%	6.9%	4.0%	4.7%	5.1%
92	Interest Income	$10,454	$32,514	$101,778	$182,210	$240,822	$201,364
93	% of total subscription revenue	6.9%	22.1%	48.3%	64.4%	66.6%	60.0%
94	Other subscription revenue	$27,812	$24,288	$31,438	$26,723	$30,071	$29,433
95	Total subscription and services Revenue	$151,855	$147,390	$210,507	$282,819	$361,685	$335,402
96	Total Other Revenue	$1,545	$5,722	$13,964	$24,162	$36,131	$45,411
97	Total Revenue	$1,166,436	$808,325	$590,339	$629,108	$772,529	$707,911
98	Check	$0	$0	$0	$0	$0	$0
99
100	Retail as a % of total revenue	82.8%	76.2%	58.6%	49.1%	45.6%	43.8%
101	Block rewards as a % of revenue	7.0%	8.5%	10.6%	9.9%	9.5%	12.4%