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| 5. Tether Brushes Off JPMorgan’s Compliance Concerns | New US stablecoin bills (STABLE Act, GENIUS Act) would force issuers to back coins with “high quality, liquid assets” — which may exclude Tether’s bitcoin holdings. JPMorgan says Tether could end up selling BTC to comply. Tether’s response? With a $20B equity buffer and over $1.2B is quarterly profits, the company can adapt easily. CEO Paolo Ardoino called JPM simply “salty” for not owning bitcoin. |  | Paolo Ardoino 🤖🍐 @paoloardoino |  |
| JPM analysts are salty because they don't own Bitcoin. | | | 12:18 PM • Feb 13, 2025 | | | |
| | 1.76K Likes 156 Retweets | 109 Replies |
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| 4. OG Meme is Considering Adding Bitcoin | The ultimate meme stock is getting a fresh jolt of demand following word of the company's potential interest in Bitcoin. GameStop's stock price spiked after hours Thursday, following a CNBC report claiming that the video game retailer is considering investing in Bitcoin and other cryptocurrencies. Shades of Long Island Iced Tea’s 2017 pivot to “Long Blockchain Corp,” anyone? | 3. SEC Gives Grayscale’s XRP and Dogecoin ETFs a Look | The SEC just “acknowledged” Grayscale’s proposals to convert their XRP and DOGE trusts into ETFs – kicking off the official review clock. It’s far from a done deal, but at least we’re not seeing an immediate rejection (a la Gensler era). With multiple issuers lined up for ETFs on everything from SOL and DOGE to XRP and LTC… this news signals an SEC more willing to consider new crypto products. There’s still a lengthy approval process ahead. |  | Eleanor Terrett @EleanorTerrett | |
| 🚨SO, for everyone asking what this means — the SEC has *acknowledged* @Grayscale/@NYSE’s 19b-4 application to convert its $XRP Trust into an ETF. No, it doesn’t mean automatic approval and it doesn’t even guarantee the SEC will approve it down the line. So why is it notable?… x.com/i/web/status/1… | Eleanor Terrett @EleanorTerrett 🚨NEW: The @SECGov has acknowledged the $XRP 19b-4 filings. |
| | | 11:34 PM • Feb 13, 2025 | | | |
| | 1.74K Likes 354 Retweets | 70 Replies |
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| 2. Crazy about Brocolli | Ex-Binance CEO CZ took to X to reveal the name and picture of his new pet dog, Broccoli. The reveal predictably resulted in a flurry of veggie memecoins being created on both BSC and Solana. The market seems to have settled on one BROCOLLI, which is currently trading at $150M market cap. Never a dull day in crypto! | 1. Coinbase Crushes Earnings; Stock Drops | Yesterday, after the market close, Coinbase reported Q4 earnings that beat analyst expectations (not that we really care what analysts expect). On a high level, the company reported: | Q4 total revenue of $2.3 billion; $6.6 billion FY Q4 net income of $1.3 billion; $2.6 billion FY Q4 Adjusted EBITDA (COINs favorite metric) of $1.3 billion; $3.3 billion FY
| Ok, we hate a slew of random numbers but bear with us for a second. The company also reported: | $404 billion in total assets on platform. That’s 12% of crypto’s entire market cap! Q4 BASE fee revenue of $68 million. Coinbase is literally trying not to make money with BASE yet and still made tens of millions. $9.3 billion in cash on the balance sheet.
| | So the stock should be booming, right? Nope, it’s down 7% today. Why? Well, long-term readers of CoinSnacks know that Coinbase always trades down on earnings, but if we were to guess at what is going on, is that investors are worried about a few things: | As we predicted yesterday, Robinhood is being reported as eating into Coinbase’s retail market share. Kraken is aggressively expanding in preparation for its IPO. One metric to highlight is that Kraken did $665 billion in trading volume in 2024, 50%+ of Coinbase’s $1.2 trillion.
| Our take: Coinbase continues to establish itself as THE transformational crypto institution. While there will be competition on the edges for Coinbase in the retail trading market, Coinbase is already looking beyond trading… to building and transforming the entire financial ecosystem. We like the stock. |
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