April 7, 2021, 9:23AM EDT
• 10 min read

Final notes ahead of the Coinbase direct listing

Quick Take

  • Coinbase estimated 1Q’21 revenue of ~$1.8B net revenue with ~$1.1B adj-EBITDA (61.5% margin) are already both more than all of 2019 and 2020 combined results (and then some).
  • Total assets on platform have surpassed $233B, good for nearly 12% of the total value of the crypto market
  • In 1Q’21 institutional assets on the platform grew to $122 billion in Q1’21 (~55% of total assets on platform), up ~170% from $45 billion at the end of 2020
  • Coinbase saw an average ~6.1 million monthly transacting users (MTU); Coinbase base full-year assumption is average MTU is slightly below 1Q levels
  • Coinbase expense guide for 2021 includes $1.3 – $1.6 billion in operating expenses (+70% Y/Y, ex stock-based compensation), a meaningful increase in sales and marketing (12-15% of net revenue in 2021 vs 5% in 2020), and low-to-mid teens transaction expense to revenue

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