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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 earning reports are in… 👀
- MicroStrategy’s big bet is up $4B 🤑
- A new crypto game is coming to PlayStation 🍪
Prices as of 10:30 AM ET. Click here for our Fear & Greed Index
CRYPTO’S EARNING REPORTS ARE IN… 👀
It’s that time again… earnings season.
It’s the corporate version of “Report Card Day” (aka the day I’d always “catch a cold”).
Anyway, two big crypto players released their reports this week…
Coinbase and Robinhood. Let’s dive into the numbers to see who’s getting gold stars and who’s headed to summer school.
1/ COINBASE EARNINGS
The #1 crypto exchange in the U.S. put up some big numbers last quarter:
- Revenue: $953.8M (analysts only expected $822M).
- Earnings-per-share (EPS): $1.04 (analysts expected $0.01).
- Net income: $273M (it’s the first positive net income in 2 years).
- Trading volume: $154B (analysts only expected $143B).
- Other interesting stuff: Coinbase became the custodian for 8 out of 11 Bitcoin ETFs and launched its own Layer 2 network, Base.
Overall, Coinbase had a KILLER Q4.
The crazy part? It could put up even bigger numbers in Q1.
Some analysts estimate the crypto exchange could see $1B+ in quarterly revenue for the first time in years.
2/ ROBINHOOD EARNINGS
- Revenue: $471M (analysts estimated $456M).
- Earnings-per-share (EPS): $0.03 (analysts estimated a $0.01 loss)
- Trading volume: The notional volume for crypto trading was up 89% year-over-year.
- Other interesting stuff: Crypto trading brought in $43M in revenue (a 10% increase).
The surprising part? Robinhood’s successful Q4 was mainly driven by crypto.
The trading platform says it expects to win even more crypto trading market share this quarter and expand internationally.
Milk Road Take: Congrats to Coinbase and Robinhood - they both put up big numbers, beat analyst expectations, and grew their businesses, without doing any shady sh*t.
Time to whip out the gold stars…
COINTRACKER PUTS CRYPTO BACK IN YOUR WALLET
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MICROSTRATEGY’S BIG BET IS UP $4B 🤑
MicroStrategy builds data analytics software. And it’s been getting a lot of hype lately:
- Its stock price is up 154% over the last year.
- It’s close to qualifying for a spot in the S&P 500.
But 4 years ago, the company was struggling.
The company had $500M in cash, but nowhere to invest.
They tried hiring engineers… but it didn’t lead to any growth.
They tried marketing on Facebook and conferences… but, again, no growth.
The stock price had been flat for nearly a decade. There was barely a pulse.
Plus, inflation was kicking their ass. Microstrategy had an overseas business that ended up losing MILLIONS because they had to keep their funds in Argentine pesos (a devaluing currency).
“It felt like I was rowing a boat against the wind. And the wind was blowing harder than I could row”.
- Michael Saylor (Founder)
MicroStrategy needed a new strategy. That’s when they turned to Bitcoin…
- The company bought $250M in BTC back in August 2020.
- It became the first publicly traded company to add BTC to its balance sheet.
- It’s been buying BTC, quarterly, ever since.
Fast forward to today…
MicroStrategy holds 190,000 BTC (worth ~$10B). #GoBigOrGoHome
The lesson: having high conviction, diamond hands (and balls of steel) eventually pays off.
BITE-SIZED COOKIES FOR THE ROAD 🍪
2024 is jam-packed with crypto conferences and events. We cover the biggest events in each category for 2024 so you can learn, network, and collect some swag.
JPMorgan says US regulators can 'exert some control' over Tether via the Office of Foreign Assets Control (OFAC). Guess we’re about to OFAC around and find out…
Moonbeam is teaming up with Animo to launch a crypto game for PlayStation. The companies are bullish that the web3 gaming market could grow by nearly 400% over the next decade.
Telefonica is partnering up with Chainlink to use its blockchain networks for fraud prevention in SIM cards. The Spanish telecom giant will integrate real-world telecommunications capabilities into blockchain networks for improved security.
Uniswap Foundation announced it will launch Uniswap v4 in Q3 of this year. The upgrade will optimize smart contracts for complex functionality.
Crypto money laundering activity is down from 2022. According to the latest report from Chainalysis, illicit addresses sent $22.2 billion worth of cryptocurrency in 2023 - a 29.5% decrease from 2022.
U.S. Federal Reserve Governor Christopher Waller says DeFi could boost the dollar’s global strength. He says as long as stablecoins are tied to the dollar (which 99% currently are), they'll help increase the U.S. currency's global strength.
MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
"I used to pray for times like this..."
— Milk Road Images (@MilkRoadImages)4:55 PM • Feb 16, 2024
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.
