195 - The Bull Case for $COIN | Michael Rinko & Jay
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 6 November 2023
⏱️ 104 minutes
🧾️ Download transcript
Summary
This is our first time ever covering a TradFi stock! However, Coinbase is a different beast…
Coinbase is a behemoth of a company, growing since May of 2012. CEO Brian Armstrong has been on Bankless a number of times.
Today, we’re bringing on two analysts–independent researcher Jay (0xJaypeg) and Delphi Digital analyst Michael Rinko.
Today’s episode will not be a history lesson on Coinbase, if you’re looking for that, we’ll highly recommend checking out Coinbase’s documentary: COIN: A FOUNDER'S STORY
Today’s episode is all about $COIN the asset. Down from its ATH of $342/share in Nov. 2021 to $85 today—and with a current market cap of $17.8B— are you bullish $COIN? Why or why not?
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✨ DEBRIEF | Ryan & David unpacking the episode:
https://www.bankless.com/debrief-coin-bull-case
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TIMESTAMPS
0:00 Intro
4:30 The Business of Coinbase
8:40 Diversifying the Business
14:30 Analyzing Equities
17:20 Coinbase USDC
23:30 Yields and Interest Revenue
31:45 The Staking Business
37:00 The Take Rate
43:45 Growth of Staked ETH
48:20 Coinbase International
56:45 Derivatives Revenue and Regulation
1:06:00 Coinbase Bank and Custody
1:17:00 BASE
1:31:00 Ranking Coinbase’s Opportunities
1:35:00 Coinbase Assets
1:38:20 The Company Itself
1:48:00 Predicting $COIN
1:54:50 The Bear Case
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RESOURCES
Michael on Twitter
https://x.com/mrink0
Jay on Twitter
https://x.com/0xjaypeg
Delphi Digital Report
https://members.delphidigital.io/reports/coinbase-from-sleeping-giant-to-industry-leader
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Transcript
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| 0:00.0 | The real opportunity here with coin is that the street wall street is looking at it as this traditional bank |
| 0:05.5 | And I think those of us that have spent some time, you know, digging in the weeds and in the crypto space look at coin base as this |
| 0:12.2 | diversified |
| 0:13.3 | Crypto juggernaw with its kind of tentacles in just about every vertical across crypto and you know |
| 0:19.4 | They're kind of poised to capitalize on just about every area of growth across the crypto space |
| 0:30.0 | Welcome to bankless where we explore the frontier of internet money and internet finance is how to get started how to get better |
| 0:35.6 | How to frontrun the opportunity. This is Ryan Sean Adams. I'm here with David Hoffman and we're here to help you become more |
| 0:42.3 | Bankless |
| 0:43.2 | David's going to introduce the episode today. What do we got the case for coin? That's coin base |
| 0:47.8 | We're going to do the full analysis of coin bases business |
| 0:51.2 | Not just an exchange anymore the big question after coin base when public in 2021 was can it diversify |
| 0:58.0 | Away its business from just exchange fees and was it able to achieve that goal our analysts say that answer is yes |
| 1:05.5 | So what are coin bases new businesses? There's east staking to talk about this USDC yields also a potential off-short |
| 1:12.9 | Derivatives exchange to fill the void of bitmix and FTX |
| 1:16.6 | But also a potentially and being a custodian for this Bitcoin ETFs |
| 1:20.4 | How much money can coin base make from all of these new businesses which ones are the big ones? |
| 1:25.6 | What about base? How much revenue is coin base pulling in from its new OP stack layer two? |
| 1:30.8 | What about base? How much revenue is coin base pulling in from its new layer two on Ethereum the base chain? |
| 1:36.2 | What about the future growth of all of these things? |
| 1:38.9 | What does the future hold and of course what does this mean for the valuation of? |
| 1:43.7 | Coin it's the first time when we've talked about an equity on the show how dare us |
| 1:48.5 | But I think the coin base story is pretty compelling like our analyst said |
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