1. Home
  2. Discover
  3. Crypto
  4. CoinSnacks

📌 Coinbase Reports Q1 Results, Grayscale Commits to Bitcoin ETF, and Naval Demystifies NFTs

April 7, 2021 | Issue #163

 MUST READS 

Coinbase Reports First Quarter Results


As Coinbase prepares to go public on April 14, they have published their estimated financial results for the first quarter of 2021 on Tuesday.

To say they exceeded expectations would be an understatement. Here's what you need to know:
  • An estimated $1.8 billion in total revenue for the first quarter of 2021
     
  • Of that $1.8 billion they reported a net income of "approximately $730 million to $800 million"
     
  • An estimated 56 million verified customers and 6.1 million monthly transacting customers
     
  • $335 billion in trading volume, compared to the $89 billion for Q4 2020
     
  • Indications that they may spend upwards of $1 billion over the course of 2021
Current price data from derivatives exchange FTX suggests a $120+ billion market cap valuation.

Speaking of FTX, CEO Sam Bankman-Fried, reviewed the numbers and then gave an estimate on how his company is doing in comparison:
  • ~$100M-$250M revenue
     
  • ~$70M-$180M net income
     
  • $670B volume

Grayscale’s Commits to Bitcoin ETF As Pressure Mounts


Over the last few months, we have discussed the tightening premium and ultimate discount at Grayscale Bitcoin Trust (GBTC). This discount has led to a lot of discussion on "the point" of investing in GBTC.

To assail these concerns, Grayscale has released a press release stating that they are 100% committed to becoming an ETF.

The conversion would mean GBTC shareholders would no longer have to put up with a six-month lockup, the 2% annual management fee, and would reduce the discount.

Meanwhile, Marlton LLC, an activist family office that owns shares in Grayscale Bitcoin Trust (GBTC) is demanding a tender offer to boost prices.

"As of March 31, the share price represented a $3.1 billion loss to shareholders compared with the Bitcoin it holds."
 

 DEEP DIVE 

Bitcoin On-Chain Indicators Update


The team at CoinMetrics just updated their Bitcoin On-chain Indicators Primer, which shows you how to use on-chain data to help gauge crypto market cycles.

In the update, we get a timely look at:
  • Market Value to Realized Value (MVRV)
  • Spent Output Profit Ratio (SOPR)
  • Bitcoin (BTC) Age Distribution Bands

Strike Launches Bitcoin Lightning Payment App in El Salvador


As all the hype today is geared towards things like NFTs, DeFi, and institutional adoption, Jack Mallers and his team at Strike are quietly revolutionizing the remittances industry.

They just launched in El Salvador. Up next is the EU.
 

The Original Sin


For crypto, an original sin regularly observed is insiders owning too much of systems that are marketed as public, egalitarian networks.

If a small group of insiders regularly take ~half of the fully-diluted upside (which is common), it is seriously kneecapping the redistributive effects of this technology in order to make a handful of people obscenely rich.

If there’s one thing we all can do, it’s to ask each cryptonetwork, “What is the initial distribution of the capital here, and the reasoning behind that distribution?”

Where the capital accrues, so too will the power.
 

 REGULATORY FRONT 

🇨🇳 Peter Thiel Worries about China using Bitcoin as 'Financial Weapon’


Peter Thiel is urging the U.S. government to take a closer look at cryptocurrencies and particularly Bitcoin.

In comments Tuesday night, he described himself as a “pro-crypto, pro-Bitcoin maximalist,” but warned that China could be using Bitcoin to “threaten the U.S. dollar.”

“I do wonder whether at this point, Bitcoin should also be thought [of] in part as a Chinese financial weapon against the U.S... [If] China’s long Bitcoin, perhaps from a geopolitical perspective, the U.S. should be asking some tougher questions about exactly how that works.”
 

China Creates Its Own Digital Currency, a First for Major Economy


A thousand years ago, when money meant coins, China invented paper currency. Now the Chinese government is minting cash digitally, in a re-imagination of money that could shake a pillar of American power. Here is WSJ's deep dive into China's new digital currency.

Perhaps the most interesting part of the entire article is this line though:

"Beijing has tested expiration dates to encourage users to spend it quickly, for times when the economy needs a jump start."
 

Fidelity, Square, Coinbase Launch Bitcoin Trade Group


The newly formed Crypto Council for Innovation will lobby policy makers, take up research projects, and serve as the burgeoning industry’s voice in championing the economic benefits of digital currencies and related technologies.
 

 TWEET OF THE WEEK 

Other Articles You May Enjoy
The CoinSnacks weekly digest is a manually curated newsletter that delivers fresh content covering cryptoassets and the evolving blockchain community for investors around the world. The digest is curated by CoinSnacks employees and sent once a week.
CoinSnacks | 5500 Military Trail Suite 22-250 | Jupiter, Florida | 33458

Sponsor | Unsubscribe | View in Browser

Older messages

📌 Paypal's Crypto Payments, Dapper Labs Raises $305M, and Goldman Sachs' BTC Services

Wednesday, March 31, 2021

March 31, 2021 | Issue #162 Editor's Note: We wanted to send this issue a little bit ahead of schedule because of tonight's event. If you haven't signed up yet, here's your link.

Last Call

Wednesday, March 31, 2021

Dear Reader, Tomorrow—on March 31—the one coin that could emerge as a clear favorite in the digital currency market will be revealed. No, it's not Bitcoin. It's not Litecoin, Ripple, Dash or

Crypto Pick Giveaway

Thursday, March 25, 2021

Dear Reader, This is outrageous. If we didn't know Teeka Tiwari better, we'd think he was trying to make us look bad. You see, details of his new crypto event just went live… And Teeka

📌 Fidelity Files BTC ETF, Tesla Accepts BTC, and Uniswap v3

Thursday, March 25, 2021

March 24, 2021 | Issue #161 MUST READS Blockchain.com Raises $300 Million As we discussed last week, the crypto exchange marketplace competition is heating up. Coinbase, Bakkt, eToro... they are all

Crypto’s Next Trillion-Dollar Coin

Sunday, March 21, 2021

Dear Reader, Cryptos are booming. Bitcoin has exploded to all-time highs… Soaring past $10000… $20000… and even $50000. Every media outlet is talking about it… Every so-called “expert” is telling you

You Might Also Like

A Distinctive Black Flag Brand | Black Flag DAO Weekly Rollup

Saturday, November 23, 2024

Catch Up With What Happened This Week in Black Flag DAO ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Blockchain Association urges Trump to tackle crypto reform in first 100 days

Saturday, November 23, 2024

The association sent a letter with five priorities to the President-elect, including regulatory clarity and ending crypto firms' "debanking." ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Weekly Project Updates: SOL Reaches New All-Time High, Magic Eden to Hold TGE on December 10, 10 Trillion BONK Tok…

Saturday, November 23, 2024

Bloomberg ETF analyst James Seyffart shared that Cboe has filed applications with the SEC for four Solana spot ETFs, with issuers being VanEck, 21Shares, Canary Capital, and Bitwise. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Galaxy Digital CEO Mike Novogratz says Bitcoin reaching $100,000 is ‘just the start’

Friday, November 22, 2024

Galaxy's CEO also warned that the market is currently heavy with leverage, with a correction until $80000 being possible after the $100000 is surpassed. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

👂 Your Voice Matters! Help Us Improve Our Newsletters

Friday, November 22, 2024

Your feedback helps make our reporting more insightful. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Reminder: Bitcoin Becomes 8th Largest Asset Globally After Surpassing Silver

Friday, November 22, 2024

We bring you the top stories in crypto every week! Stories like... Tuesday Nov 19, 2024 Sign Up Your Weekly Update On All Things Crypto TL;DR Welcome to this week's edition of CryptoWeekly Recap,

WuBlockchain Weekly: Bitcoin Surges Past $99,000, MEME Mania Sweeps the Crypto Market, SEC Chairman to Resign, Yao…

Friday, November 22, 2024

Bitcoin briefly surged past $99000, setting a new all-time high. As of the latest report, the price stands at $98696, reflecting a 24-hour increase of 1.44%. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

⚡ Just starting your newsletter?

Friday, November 22, 2024

This might help. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Your biweekly source of crypto insights📈

Thursday, November 21, 2024

DeFi on NEAR is busy right now. Since 11/10, trading volume on Ref Finance, one of the ecosystem's largest protocols, has surged as much as 400% in a A DeFi on NEAR is busy right now. Swap volumes

Cardano’s Charles Hoskinson nominates Coinbase’s Brian Armstrong for Donald Trump’s crypto czar

Thursday, November 21, 2024

Hoskinson cites Armstrong's leadership at Coinbase as key to overcoming regulatory hurdles and promoting industry unity. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏