195 - The Bull Case for $COIN | Michael Rinko & Jay

<p>This is our first time ever covering a TradFi stock! However, Coinbase is a different beast…</p> <p>Coinbase is a behemoth of a company, growing since May of 2012. CEO Brian Armstrong has been on Bankless a number of times.</p> <p>Today, we’re bringing on two analysts–independent researcher Jay (0xJaypeg) and Delphi Digital analyst Michael Rinko.</p> <p>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</p> <p>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? </p> <p>------<br /> ✨ DEBRIEF | Ryan & David unpacking the episode:<br /> <a href= "https://www.bankless.com/debrief-coin-bull-case">https://www.bankless.com/debrief-coin-bull-case</a> </p> <p>-----<br /> 🏹 Airdrop Hunter is HERE, join your first HUNT today<br /> <a href= "https://bankless.cc/JoinYourFirstHUNT">https://bankless.cc/JoinYourFirstHUNT</a> </p> <p>------<br /> TIMESTAMPS</p> <p>0:00 Intro<br /> 4:30 The Business of Coinbase<br /> 8:40 Diversifying the Business<br /> 14:30 Analyzing Equities<br /> 17:20 Coinbase USDC<br /> 23:30 Yields and Interest Revenue<br /> 31:45 The Staking Business<br /> 37:00 The Take Rate<br /> 43:45 Growth of Staked ETH<br /> 48:20 Coinbase International<br /> 56:45 Derivatives Revenue and Regulation<br /> 1:06:00 Coinbase Bank and Custody<br /> 1:17:00 BASE<br /> 1:31:00 Ranking Coinbase’s Opportunities<br /> 1:35:00 Coinbase Assets<br /> 1:38:20 The Company Itself<br /> 1:48:00 Predicting $COIN<br /> 1:54:50 The Bear Case</p> <p>-----<br /> RESOURCES</p> <p>Michael on Twitter<br /> <a href="https://x.com/mrink0">https://x.com/mrink0</a> </p> <p>Jay on Twitter<br /> <a href= "https://x.com/0xjaypeg">https://x.com/0xjaypeg</a> </p> <p>Delphi Digital Report<br /> <a href= "https://members.delphidigital.io/reports/coinbase-from-sleeping-giant-to-industry-leader"> https: