195 - The Bull Case for $COIN | Michael Rinko & Jay
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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🏹 Airdrop Hunter is HERE, join your first HUNT today
https://bankless.cc/JoinYourFirstHUNT
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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