Coinbase's volumes indicate a tough road ahead in going public

Quick Take

  • Coinbase’s volumes are down significantly in the bear market and unless market conditions change, revenues will reflect it
  • Even though the company has diversified its revenue stream in fee-based/AUM based products, it will likely not be significant enough to counter the decrease in commissions
  • Projected trading commission revenue by The Block is only $545 million in 2019, representing a 55.6% decrease year-over-year

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