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?

------
✨ DEBRIEF | Ryan & David unpacking the episode:
https://www.bankless.com/debrief-coin-bull-case

-----
🏹 Airdrop Hunter is HERE, join your first HUNT today
https://bankless.cc/JoinYourFirstHUNT

------
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

-----
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

-----
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures