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19 April 2021

Coinbase Earnings: Some Less Obvious Takeaways

Coinbase Earnings: Some Less Obvious Takeaways

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Does that definitively mean that the take rate remained high because retail users came in force.

There are three lines of revenue: transactional, subscription, and other.

Note that “net revenue” is considered transactional and subscription.

For 2020, this was 86 percent of total revenue, but we do not yet have that detail here to definitively say how much of the total revenue was actually transactional.

Where does that leave us with scenarios for the Q1 revenue.

They actually did have massive transactional revenue that made up the majority of the $1.8 billion revenue.

That is, I find it doubtful they actually think their base case is 5.5 million MTU when they just reported 6.1 million in Q1.

This is what they could have projected for retail revenue for 2021.

This feels low given Q1, but we don’t have revenue details yet and they want to blow out any projections given.

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