What Share of Coinbase Revenue Is non-Bitcoin Trading?
Brian Armstrong says the recent earnings deck holds the only numbers he is probably allowed to discuss, and 88% of Coinbase revenue is from non-Bitcoin trading.
In his view, Coinbase stock still trades fairly correlated with the price of Bitcoin, which he calls digital gold and sound money that is going to be around forever. Crypto, as he describes it, is updating every aspect of the financial system. Coinbase just announced a tokenized stocks product that is only available outside the US. It is the first truly tokenized stock product: an actual security, one-to-one with the security held in custody, not a synthetic, a derivative, or a debt instrument. Stablecoins were the first major use case, a token that represents one-to-one a dollar in a bank or a US treasury. Stocks are the next case.
About 4 billion people have no brokerage and no US investment account, so they cannot invest in Coinbase, Nvidia, or Apple. Tether was very successful ex-US because a lot of people wanted dollar-denominated accounts.
