This week, Coinbase published their Q1 2024 results. I like to checkout how much revenue they are generating from USDC and from Staking. This quarter it was $348M or about 22% of their total revenue. When Coinbase first went public, one of the concerns was their dependency on trading fees*. For those of us that have been around awhile, we've seen traditional stock broker commissions drop from $50 dollars per trade in the late 1990s to zero today. So that concern seemed real.

Coinbase seems to be diversifying their revenue.

In addition to USDC and Staking being 21% of revenue, the $348M offsets about 40% of the firm's expenses. To me, this seems significant, and is metric I'm going to continue to watch.

None if this should be considered financial advice. I'm enjoying watching Coinbase find their product market fit and observing the growing influence of USDC in the market.

*https://www.wsj.com/articles/coinbase-posts-sixth-consecutive-quarterly-loss-2c506988?page=1

This week, Coinbase published their Q1 2024 results. I like to checkout how much revenue they are generating from USDC and from Staking. This quarter it was $348M or about 22% of their total revenue. When Coinbase first went public, one of the concerns was their dependency on trading fees*. For those of us that have been around awhile, we've seen traditional stock broker commissions drop from $50 dollars per trade in the late 1990s to zero today. So that concern seemed real.

Coinbase seems to be diversifying their revenue.

In addition to USDC and Staking being 21% of revenue, the $348M offsets about 40% of the firm's expenses. To me, this seems significant, and is metric I'm going to continue to watch.

None if this should be considered financial advice. I'm enjoying watching Coinbase find their product market fit and observing the growing influence of USDC in the market.

*https://www.wsj.com/articles/coinbase-posts-sixth-consecutive-quarterly-loss-2c506988?page=1