August 4, 2023

🥛 Crypto’s A+ earnings

Today's edition is brought to you by NettyWorthA Web3 platform that helps users manage and borrow against all their assets. Their investment round is now open to the public!

GM. This is Milk Road, the crypto newsletter that makes your inbox Snap, Crackle, and Pop.

Here’s what we got for you today:

  • Crypto’s A+ earnings ⏰

  • Visual of the day: CEX volume hits a yearly low 📉

  • Elvis Presley is coming to the metaverse 🍪


It’s earnings report SZN.

It’s kinda like when you get your report card in school – except instead of getting grilled by your parents, you get grilled by investors.

And two big crypto companies released their reports yesterday: Coinbase and Block.


The largest crypto exchange in the U.S….

  • Made $708M in revenue (beat analysts’ expectations of $628M)

  • Saw more from subscription revenue ($335M) than transaction revenue ($327M)

  • Reported a $97M net loss (which sounds bad, but it’s a lot less than the $1B+ loss the exchange had in Q2 2022)

  • Cut operating expenses by 50%

Many were expecting Coinbase to flunk in Q2, but it ended up being a pretty good quarter.

$COIN stock saw a small bump in price on the day and continues its big rally on the year. (It’s up 156% year-to-date)

2/ BLOCK (formerly known as Square)

Jack Dorsey’s payments firm:

  • Saw $5.5B in revenue. $2.4B of this came from Bitcoin revenue

  • Made $1.87B in gross profit (btw – that’s not gross, it’s beautiful)

  • Recorded no impairment losses on its Bitcoin holding

  • Cash App (its most popular product) saw a 39% increase in revenue and jumped to $1.16B

Overall, both crypto companies had strong reports. The type you keep showing your parents until they finally tell you to hang it up on the fridge.

We’ll see what Q3 has in store.


Milk Road fun fact of the day: NFT Loans are currently a $1 Billion market with $5 Trillion of physical assets expected to be tokenized by 2030.

And while the battle for NFT lending market share is still in the early innings, NettyWorth has been making a name for itself.

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And after nearly two years of building, they are opening up an investment round to the public.

Powered by Republic, anybody can invest in the future of NFT lending for as little as $200.

Disclaimer: Nothing in this is investment advice and the Milk Man is not a financial advisor.


Check it out, a new report dropped on the state of centralized exchanges (CEX).

Here are the 3 main highlights:

1/ In July, combined spot and derivatives trading volume decreased by 12% to $2.36T. (the lowest monthly trading volume this year)

2/ Upbit is now the second-largest exchange by trading volume. The South Korean exchange saw a 42.3% increase in volume throughout July #BusinessIsBoomin’

3/ Binance’s market share dropped for the 5th straight month – down to 40.4%

So what? This shows there are 2 major shifts happening…

  • Investors are moving away from big-named exchanges (like Binance and Coinbase)

  • There’s an uptick in crypto trading volume in other parts of the world, like South Korea and Hong Kong

As a result, a few smaller exchanges have seen a big gain in market share this year.

Source: CCData

This’ll be an interesting trend we’ll be keeping our eyes on.


You can now buy Bitcoin at almost 7,000 ATMs across North America. Bitcoin Depot is making it easy to buy Bitcoin on the go – whether it’s while you’re grabbing groceries, or filling up your tank. From cash to crypto in seconds.*

Elvis Presley NFTs are coming to The Sandbox metaverse. There will be 3000 NFTs, each one showcasing one of Elvis’ outfits and hairstyles throughout his career.

Coinbase announced it will launch its new Layer-2 blockchain, Base, on August 9. The L2 War is heatin’ up…

A couple pleads guilty to hacking Bitfinex and laundering money. Turns out the husband did the hacking while the wife did the laundering #PowerCouple

Yuga Labs IP will be featured in a new game called Wreck League. It’s being developed by nWay (creator of the Power Rangers games) and will feature Bored Apes, Mutant Apes, and Koda creatures.

Curve is offering a 10% bounty reward to help recover stolen funds. The DeFi platform was hacked for $70M last weekend. Ouch.

*This is sponsored content



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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.