Editor’s Note: 17 years ago Satoshi Nakamoto published the Bitcoin whitepaper and changed the world.
Coinbase Reports Q3 Earnings
The largest crypto exchange reported solid numbers & updates across the board last night, continuing their streak of head down building. Here are some things we thought were interesting that most AI-slop written stock sites may not touch on:
Echo Acquisition: Turns out the reported $400 million purchase price consisted of $150 million in cash and 653,744 shares of stock.
Amex update: Since launching the credit card offering, $100 million has been spent by customers and card members have deposited over $200 million onto the platform
Is Coinbase a DAT?: The company added 2,772 BTC ($299 million) to their treasury bringing them to 14,548 BTC. They also added nearly 100k ETH.
Deribit finally closed: The huge acquisition of Deribit is closed and is already accretive with $52m of top-line revenue added in 1.5 months of Q3.
Core Scientific shareholder vote sinks $9 billion CoreWeave deal
After months of back and forth, shareholders of bitcoin miner Core Scientific (CORZ) have rejected CoreWeave’s $9 billion all-stock merger proposal. The rejection follows major shareholders stating that the price offered significantly undervalued the company. CORZ stock is up 5% on the news and continues to show how valuable bitcoin miners are to the AI economy. Read more →
Strategy Beats Earnings
Michael Saylor’s Strategy (MSTR) reported earnings yesterday as well, posting $2.8 billion in profits for Q3 (compared to a record $10 billion in Q2). The results still topped analyst estimates, with diluted earnings of $8.42 per share versus expectations of $8.15. Despite the 8% jump in share prices today after the beat, shares of MSTR are still trading nearly 40% below its ATHs. The slide in BTC price has pushed Strategy’s mNAV multiple, down to about 1.2x, the lowest since March 2023 – a steep drop from its 3.9x peak last November. Read more →
Telegram Launches Cocoon: A Decentralized AI Network That Pays GPU Owners in Crypto Link»
SBF says FTX was solvent, blames bankruptcy team for 'decimating' firm Link»
CZ threatens Liz Warren with lawsuit over ‘money launderer’ claim Link»
Steak ’n Shake And Fold Launch $5 Bitcoin Burger Link»
Will XRP Be the Next Crypto ETF to Hit Wall Street? Link»
📥️ Want to advertise in CoinSnacks? Learn More