The Coinbase Tsunami | Weekly Recap

Your action recap for the week of April 2nd, 2021

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Dear Bankless Nation,

Coinbase is set to IPO on Wednesday.

This is a monumental moment for crypto. It’s one of the first major crypto companies to go public—and the valuation is nothing to brush off either.

The exchange reported their first quarter financials ahead of the public offering earlier this week, and it featured some jaw-dropping numbers. Revenue increased by 9x year over year to $1.8B while net income reached $800M. For reference, Coinbase’s net income last year was only $32M. 😲

These numbers have caught Wall Street’s attention to the point where an analyst at D.A. Davidson raised their price target from $195 to $440. Even FTX’s Coinbase pre-listing market is valuing the the company’s just north of $140 billion. 🤯 

If this valuation was reached, it would life-changing money for a lot of Coinbase employees (there’s over 1,200 of them). Given that the company is doing a direct listing, all of that equity will be liquid at the start too.

This is Coinbase’s tsunami of capital.

The question then becomes:

Where do you think all of that money will go?

Yeah…it’s going to be an exciting week. Here’s what we have planned to go with it:

  • Podcast dropping with the SEC’s Hester Pierce on Monday (early access here)

  • We’re doing a lot of Layer 2 content (because Ethereum can scale today)

Let’s get to the recap.

- Lucas

P.S. Bankless Premium Members!! Make sure you claim your Bankless Badge. We’re doing a raffle blitz with tons of prizes like BAPs, NFTs, and even ETH. You won’t want to miss it.

P.P.S. Thanks for bearing with me this week—Ryan really needed that vacation! We’ll be back to the regular program on Monday :)


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Recap for the week of April 2nd, 2021


🎙️WEEKLY PODCAST EPISODE

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ACTION RECAP

  1. Execute any good market opportunities you saw in Market Monday

  2. File your crypto taxes (even if you’re lazy!!)

  3. Learn about how the Index Coop is building a decentralized Blackrock

  4. Read about the future of venture capital

  5. Share what convinced you on crypto?

Watch & Listen

  1. 🎙️ Listen to Uniswap’s Origin with Hayden Adams

  2. 📺 Watch SotN #41: Scaling DeFi with dYdX & Starkware

  3. 📺 Watch Rollup: Coinbase IPO | Fei Protocol | DeFi’s Shopify | Eth2 Merge


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📺 Episode 41 of State of the Nation

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🗞️ Latest Weekly Rollup featuring Bankless’ substitute teacher, Anthony Sassano

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Not financial or tax 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. This newsletter is not tax advice. Talk to your accountant. Do your own research.


Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.