CoinBase-公司周读03

Coinbase provides a centralized platform for buying, selling, storing, and transferring cryptocurrency (crypto). Coinbase's mission is to increase economic freedom and create an open financial system for the world.

市值=$40B，有息负债=4B

*In June 2012 Brian Armstrong founded Coinbase. Armstrong enrolled in the Y Combinator startup incubator program and received a US$150,000 cash infusion.
Fred Ehrsam, a former Goldman Sachs trader, later joined as a co-founder after noticing Armstrong's posts on Reddit.
*In 2014, the company grew to one million users, acquired the blockchain explorer service Blockr and the web bookmarking company Kippt,
*on April 14, 2021, Coinbase went public in a direct offering on Nasdaq

Founder, chairman, and CEO Brian Armstrong owns 18% of the company, he was born in San Jose, CA. He graduated from Rice University. Previously, he worked as a software engineer at Airbnb, a consultant at Deloitte, and co-founded an education company, UniversityTutor, which was acquired in 2014.
Mr. Armstrong holds three degrees from Rice University: Bachelor’s of Computer Science, Bachelor’s of Economics, and a Master’s of Computer Science.

Co-founder Fred EhrsamEhrsam graduated with distinction from Duke University, earning a B.S. in computer science with a minor in economics.After graduating from Duke, Ehrsam became a foreign exchange trader at the investment bank Goldman Sachs. Ehrsam left the company in 2017 but remains on the board and still owns about 4% of its stock, In 2018, he cofounded Paradigm, a cryptocurrency investment firm with more than $8 billion in assets.

Transaction (Retail and Institution)

• Coinbase Fee: When you buy, sell, or convert cryptocurrencies on Coinbase, fees are charged

• Spread: Coinbase includes a spread in the quoted price. The spread is also included in the exchange rate. Coinbase may retain any excess spread from a transaction

Service Fee：

• Stablecoin: Generate profits by utilizing the deposits collateralized by customers

• Rewards: Staking: 26%-30% of POS rewards

• Interests & Fee: Lend, borrow, earn interest & fees

• Custodial fee:Fee for safekeeping and management of an investment or account

Binance 2022年Revenue $12B

https://www.coingecko.com

竞争优势

网络效应/规模优势：美国最大的交易所，有知名度。

监管合规(SEC +Commodity Futures Trading Commission - CFTC）

竞争劣势

监管

它是上市公司有监管的优势同时也是它的劣势，加密货币中不是所有资金都希望暴露在阳光下。

成本

为什么Binance 的市场份额比它大那么多。Binance 做对了什么?

机会

长波厚雪？虚拟货币还有很大成长空间。BTC有一天真的能和黄金平起平坐，值得信赖的全球交易所是淘金的铲子之一。

威胁

• 被偷：资产安全威胁，虚拟货币被偷，量子计算机彻底破解BTC。

• 被禁：监管风险。

• 被取代：全球竞争，现有Centralized交易所+Decentralized 交易

• BTC ETHER 的投资人买ETF, 而不使用交易所

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机遇和风险并存：

• 对公司所有的研究是基于虚拟货币可以持续发展，公司做为交易工具，发挥铲子作用。

• 公司收入和利润随虚拟货币波动而波动剧烈，但由于Service 业务的快速增长，有望可以逐渐减少波动。

• 另外公司不断投资虚拟货币(主要是比特币和以太坊)，2024Q2 持有9K个比特币，112k个以太坊。如果今后比特币和黄金一样的地位，价值提升，公司的Value会进一步提升

• Binance vs Coinbase

• 现金流很强劲的生意，账上停着8B cash, 为何没有股东回报，还在不停发债。

• 3400员工，stock compensation 为何如此之高。

• 有没有其他金融机构跨界进入加密行业，比Coinbase 更加合规，有机构资源优势。

• Bitcoin ETF 是否会抢交易平台的生意？

• Robinhood 最终在哪个交易所完成它的order?