Coinbase Earnings Disappoint Some
The company reported Q2 earnings yesterday at market close. Stripping out unrealized gains from crypto held on the balance sheet and strategic investments in things like Circle (CRCL), the company fell short of expectations on trading volumes and revenue. While we here at CoinSnacks don’t put too much weight on expectations, it’s obvious that the metrics were more severe than their counterparts in Kraken and Robinhood. Still, the company is crushing it with stablecoin revenue as well as other business lines. Coinbase also reported that they:
Are the custodian for over 80% of U.S. BTC and ETH ETFs
Added 2,509 BTC to their treasury bringing them to 11,776 BTC. This puts them solidly at #10 on the list of Bitcoin Treasury companies by holdings.
Have 700k people are on the waitlist for the new Base App
Unlike Robinhood which was able to report new business lines in Q2 (Bitstamp, for example), Coinbase is still in a holding pattern on their new business lines that we expect to begin hitting the financial statements in the coming months (Derebit acquisition closing, AMEX credit card, BASE fees, Shopify integration, etc). The stock was down 15% as of this morning. Read more →
Streamlined ETFs
In a move thats long overdue, major exchanges like the CBOE, NYSE Arca, and NASDAQ are pushing the SEC to streamline crypto ETF listings with generic standards, slashing the grueling 240-day approval slog to potentially weeks for qualifying funds without begging for case-by-case nods. Currently, there’s a logjam of pending ETP applications at the SEC, but the approval blitz will likely start off with Solana as early as Oct. 10, followed by XRP with in-kind redemptions and staking yields. Read more →
SEC Debuts Project Crypto
On the heels of the President Trump’s crypto working group releasing a 166-page report filled with crypto-linked policy suggestions, the SEC’s Paul Atktins debuted “Project Crypto,” a big initiative to modernize securities rules and regulations to allow for crypto-based trading. Generally speaking, Atkins speech was a pledge to move financial markets onchain and is everything you could want from an SEC that aims to promote rather than kill innovation. Read more →
GENIUS Act: Genius or Gimmick? Link»
Brutal jobs report this morning Link»
Chance of rate hike in Sept. jumps from 35 to 75% chance Link»
Strategy (MSTR) Earned $10B in Q2 on Back of Bitcoin Price Gain Link»
Ray Dalio sells his last remaining stake in Bridgewater Link»
OpenAI raises $8.3B at $300B valuation Link»
📥️ Want to advertise in CoinSnacks? Learn More
