Hi Everyone,
The markets certainly have Coinbase on the brain today, as every financial journalist and crypto fan seems to be talking about it.
There's certainly no denying the level of legitimacy this brings to the crypto space at large, and it's certainly a reason to celebrate.
Both Bloomberg and CNBC are featuring crypto-friendly guests non-stop.
They even invited me to appear on Bloomberg TV this morning. Will try and get a recording for you later on and post it to Twitter.
The man of the hour, Coinbase co-founder and CEO Brian Armstrong, was on CNBC this morning talking about the advantages of investing in a company like Coinbase over simply buying digital assets themselves.
For many institutional investors of course, there isn't much of a choice, as there are still very few structured products that allow hedge funds to get direct exposure to bitcoin, let alone some of the smaller digital assets.
Nonetheless, Armstrong informs us that of the approximately 11% of all crypto assets that Coinbase is holding for their customers, about half of that is for institutions.
So despite the lack of structured products, there are clearly plenty of corporate hodlers out there. Yet, the appetite for more exposure to this asset class is insatiable.
Today also kicks off bank earnings season, but I'm not sure how many people care about those fossils.
