OK, it is only 557 MM. My bad... In crypto, even the exchanges lose money. On the positive side CEO Brian Armstrong was able to buy his $133 million Bel Air estate and has been cashing out of his stocks since the IPO. https://www.bloomberg.com/news/arti...ted-to-post-another-loss-as-regulators-circle The largest US cryptocurrency exchange is forecast by analysts to report a loss of nearly $600 million in the three months that ended in December, and a plunge in revenue for a fourth consecutive quarter after the close of regular trading Tuesday. What may be more daunting is the darkening outlook for three key businesses that Coinbase has been counting on to help jump-start growth: coin custody, stablecoins and staking - sectors that have all come under increased regulatory scrutiny.
Staking makes up ~11% income for COIN, and it's still a hugely losing company. And yes, the fact the CEO likes to dump shares to buy expensive things for himself, is why I am not LONG on CoinBase. In any case, don't you worry. He'll come out VERY SOON, and change his narrative yet again. Despite the promises he said were coming soon (and never came), he'll now tell us that he's going to make Super-Smart-AI for CoinBase. Then watch out! The shit's going to go ballistic again with every millennial aping right back into it. The AI bubble is here...
Armstrong is just another silly valley scammer. It is shocking that all these exchanges are run by scammers even Binance is run by that charlatan CZ or whatever his name is. Is there anyone in the crypto industry that isn't a scammer?
Coinbase loses 600 million coins in the last quarter ----> Coinbase loses $600 million in the last quarter Unit is very important.
Seems hard to believe one can lose money running an exchange. I guess competing with unregulated zero-compliance alternatives comes with issues. The bubble of 2020-21 was a massive handout to insiders of all stripes.