COIN earnings
Coinbase posted a pretty average Q1, reporting $303 million Adjusted Ebitda (earnings excluding losses on crypto investments). Transaction revenue fell 40% to $756 million and total revenue dropped to $1.4 billion. The quarter did have bright spots though. Stablecoin revenue rose 11% to $305 million, while prediction-market, derivitives, DEX trading, & AI revenue also showed growth.
So overall, mixed results. Coinbase is cutting costs and pushing into new revenue lines, but investors are still watching the same core question – can the company build enough recurring, stable revenue to offset slowdowns in crypto trading?
For the bulls out there, Artemis put out a model predicting a 6x by 2031.
Probably a good thing
The WSJ just published a story on Consensus Miami, where the industry’s biggest gathering reportedly felt less like old-school crypto spectacle and more like a sign of where the industry is heading. The piece frames a clear shift – more banks, more asset managers, more stablecoin and tokenization talk, and a lot less of the retail bull-market energy that used to define these events. That does not mean crypto culture is gone – it is still there, yes – just now with a little less flamboyant orange suits roaming the halls and Lamborghinis idling out front. Read more →
Ondo rallies on tokenized Treasury test
Ondo Finance is catching a bid after announcing a pilot with JPMorgan’s Kinexys, Mastercard, and Ripple that settled a cross-border redemption of OUSG, Ondo’s tokenized U.S. Treasury fund, on the XRP Ledger. The transaction reportedly settled in under five seconds, showing how tokenized Treasuries could move across borders, across banks, and outside normal banking hours while still connecting back to traditional fiat rails through Mastercard’s Multi-Token Network. The market reaction, however, was more obvious in ONDO than XRP: XRP was only up about 1%, while ONDO has climbed ~53% over the past week. This makes sense as XRP was just the settlement rail in this demo, but Ondo’s product was the asset actually being used. Either way, this is a pilot – a useful proof-of-concept, not full-scale adoption. Read more →
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