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It's a daily podcast on Macro, Bitcoin, and the Big Picture Power Shifts remaking our world.

What's going on, guys? It is Friday, February 16th, and today we are talking about Coinbase's

blowout earnings. Before we get into that, however, if you are enjoying the breakdown, please

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Hello, friends, happy Friday. Today we kick off with Coinbase reporting their Q4 earnings,

which happened last night, and absolutely blew past expectations. The exchange recorded

953.53.5 million in revenue for the quarter, which was an increase of 41% compared to Q3,

and almost 50% compared to Q4 of 2022. Coinbase also returned to profit during the last

quarter, recording a net income of 273 million. This was their first profitable quarter over the past

two years after recording a loss of 557 million in Q4 of 2022.

A highly profitable Q4 was enough to offset losses earlier in the year, giving Coinbase a

$95 million in net profitability for 2023. That is, of course, still a long way from their peak of

$3.6 billion in profit during the height of the 2021 bull run, but a massive turnaround from the $2.6 billion

loss recorded in 2022. Earnings per share came in at $1.4.4, beating Wall Street estimates by 2%.

Anil Gupta, Vice President of Investor Relations at Coinbase said, we're really pleased with the

results. Operational rigor that we set forth earlier in the year has really paid off over the

course of 2023. Below the headline figures, Coinbase's earnings told the story of a return

to growth for crypto businesses late last year as ETF hype built. For example, the exchange

saw a doubling in trading volume compared to the previous quarter. Gupta echoed comments

...