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Todayβs edition is brought to you by CoinTracker β a crypto tax solution that simplifies filing with thousands of seamless integrations and auto-import to TurboTax. |
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GM. This is Milk Road, the crypto newsletter that makes your inbox Snap, Crackle, and Pop. |
Hereβs what we got for you today: |
Cryptoβs earning reports are inβ¦ π MicroStrategyβs big bet is up $4B π€ A new crypto game is coming to PlayStation πͺ |
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CRYPTOβS EARNING REPORTS ARE INβ¦ π |
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Itβs that time againβ¦ earnings season. |
Itβs the corporate version of βReport Card Dayβ (aka the day Iβd always βcatch a coldβ). |
Anyway, two big crypto players released their reports this week⦠|
Coinbase and Robinhood. Letβs dive into the numbers to see whoβs getting gold stars and whoβs 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 (itβs 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? Robinhoodβs 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⦠|
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MICROSTRATEGYβS BIG BET IS UP $4B π€ |
MicroStrategy builds data analytics software. And itβs been getting a lot of hype lately: |
Its stock price is up 154% over the last year. Itβs 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 engineersβ¦ but it didnβt 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). |
βIt felt like I was rowing a boat against the wind. And the wind was blowing harder than I could rowβ. | | - Michael Saylor (Founder) |
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MicroStrategy needed a new strategy. Thatβs when they turned to Bitcoinβ¦ |
The company bought $250M in BTC back in August 2020. It became the first publicly traded company to add BTC to its balance sheet. Itβs been buying BTC, quarterly, ever since. |
Fast forward to today⦠|
MicroStrategy holds 190,000 BTC (worth ~$10B). #GoBigOrGoHome |
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The lesson: having high conviction, diamond hands (and balls of steel) eventually pays off. |
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BITE-SIZED COOKIES FOR THE ROAD πͺ |
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 weβre about to OFAC around and find outβ¦ |
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 dollarβs 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. |
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MILKY MEMES π€£ |
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| "I used to pray for times like this..." | | | Feb 16, 2024 | | | | 0 Likes 0 Retweets 0 Replies |
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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. |