Cheers To Another All Time High

This week has been one for the record books. Over the past few days, three of the top ten largest coins by market cap (BTC, ETH, SOL) hit new all-time highs. Furthermore, crypto's global market cap hit $3 trillion for the first time in history.

If you have ever bought market leaders such as Bitcoin or Ethereum...

Or if you have ever convinced a family member or friend to seek some exposure...

Congratulations – you've been right.

As we enter uncharted territory – and the highest inflationary period we've seen in 31 years – long-time holders (and many of you reading this letter) are creating generational wealth outside of the fiat system.

But more than that, as Alex Gladstein puts it, you are supporting a trojan horse for the freedom of millions of people around the world.

Coinbase Earnings

Yesterday, the bellwether for the public crypto industry, Coinbase (COIN), reported Q3 earnings.

After gaining more than 40% over the past month, share prices immediately fell ~10% after reporting lower than expected numbers.

So is the plight of being a publicly-traded stock that revolves around crypto... Coinbase is reporting numbers from Q3 (a sluggish quarter for crypto), during a month where crypto assets are hitting all-time highs.

Regardless of that fact, Coinbase still managed to do more than $1.2 billion in net revenue in the quarter. In other words, they've generated over a billion dollars in profits... in three months' time... for the third quarter in a row.

Here at CoinSnacks, we don't like to make investment predictions. But we do recognize that despite all of the knee-jerk reactions and Twitter hot-takes you might stumble across this week, Coinbase is certainly here to stay and will continue to grow.

Just in the past couple of month's, the company has announced:

Coinbase NFT, which currently has millions of people on the waitlist
Payroll/ Direct Deposit, allowing users to deposit their paycheck as crypto
Coinbase Wallet (see story below 👇)
Coinbase One, a new monthly subscription service

...Not to mention, Coinbase is the leading corporate crypto investor with 200+ portfolio companies such as BlockFi, TaxBit, Messari, and OpenSea – all of which could easily be future acquisitions at current cash flows.

...And not to mention, Coinbase currently has more than $500 million invested in crypto assets on their balance sheet (and will continue to allocate 10% of its net revenue to their treasury every quarter, or ~$400 million per year at this rate).

All that's to say, look out for Q4 earnings 3 months from now and how much the recent Shiba boom impacted volume.

For a deeper dive, check out Q3's shareholder letter, the latest earnings call transcript, and SBF's quarterly review.

SPONSORED

A delicious investment opportunity

Miso Robotics is transforming the $273B food service industry by solving challenges of efficiency, profitability, and food quality in quick-service restaurants (QSRs).

How? With their proprietary robotic and AI solutions that streamline and enhance kitchen operations.

To date, Miso has raised over $38M in capital, is backed by top venture capital firm Wavemaker, signed an $11M contract with CaliBurger to deploy their Flippy bots to 50+ global locations, entered into an agreement with White Castle for a North American rollout, achieved 2 granted patents and more.

Now, Miso is working with 10 of the top 25 brands in the QSR industry–including Buffalo Wild Wings parent company, Inspire Brands–and has dozens of pilot programs underway.

Miso Robotics Series D campaign is ending November 18th, don’t miss your chance to invest.

DEEP DIVES

What's In Your Portfolio?

All Messari research team members have been required to disclose crypto holdings that represent >5% of their portfolios, and have done so in this document that’s updated monthly.

Messari's research team covers deep-dive market trends and does a ton of on-chain data analysis. Team members provide research on a day-to-day basis and, for the most part, break down and discuss new crypto projects/initiatives way before the masses.

That said, the team probably knows a whole lot more than the folks ranting about crypto on Twitter, and the talking heads on TV...

So if you're looking to gain more exposure to crypto assets apart from BTC and ETH, this (view chart here) may be a good starting point.

Interesting Findings:

Of the 30 employees who reported holdings, 90% hold ETH whereas only 60% hold BTC
DOGE and SHIB are nowhere to be found 🤔 (or, at least don’t represent any allocations >5%)
SOL, LUNA, DOT, and ATOM are the most popular coins held apart from BTC and ETH

Browser Wallets Just Got A Lot More Competitive

On Monday, Coinbase revealed that its wallet is now accessible as a standalone browser plugin.

This allows Coinbase customers to easily browse dApps, access thousands of tokens, trade on decentralized exchanges (DEXes), earn interest, and collect NFTs, straight from their browsers – or, within a few clicks – without having to validate transactions on their smartphones

Then, on the same day, privacy-centric crypto browser Brave followed up with an announcement that it is integrating with Solana (SOL), the Ethereum competitor and network behind the market's fifth-most valuable coin.

According to a company blog post, Brave is turning to Solana as their default wallet due to the Solana blockchains' high speeds and low costs
Basic Attention Token (BAT), Brave's native token, jumped ~20% on the news

Both announcements essentially mean that there's now fresh competition for existing crypto wallets and gateway applications like MetaMask.

Regardless, this news is great for consumers and investors alike. Over time, blockchain-agnostic multi-chain wallets will be a key driver in mainstream crypto and DeFi adoption.

Related: Discord CEO Teases Integration With Ethereum Wallet MetaMask

SPONSORED

Miso Robotics’ autonomous robot kitchen assistants perform tasks such as grilling and frying alongside chefs in commercial kitchens. These bots are currently working with 10 of the top 25 brands in the QSR industry, with dozens of pilot programs underway.

Miso just announced its latest partnership with Inspire Brands, parent company of Buffalo Wild Wings, called Flippy Wings. This robotic frying solution is forecasted to increase food production speeds by 10-20%.

The last day to invest in Miso’s robot cooks is November 18. Grab your bite right here.

REGULATORY FRONT

This Ohio Senate Candidate Gets It

This thread from Morgan Harper, a Democratic candidate for US Senate in Ohio, perfectly captures how crypto can attack a problem that politics has thus far failed to solve: reducing the disproportionate power and influence of the old financial institutions and new tech giants.

TWEET OF THE WEEK

Coinbase Earnings, Portfolio Ideas, & Wallet Wars

Cheers To Another All Time High

Coinbase Earnings

A delicious investment opportunity

What's In Your Portfolio?

Browser Wallets Just Got A Lot More Competitive

This Ohio Senate Candidate Gets It

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