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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 🍪
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CRYPTO’S EARNING REPORTS ARE IN… 👀 |
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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.
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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).
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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… |
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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: |
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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) |
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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.
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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 🍪 |
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. |
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MILKY MEMES 🤣 |
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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. |
