Cryptocurrency

Coinbase CFO: Crypto prices climbing ‘across the board’, driven by momentum around bitcoin ETFs



Alesia Haas, Coinbase CFO, joins ‘Closing Bell Overtime’ to talk earnings, the state of crypto, the new sport bitcoin ETFs and more.

>>> WELCOME BACK. COINBASE SHARES POPPING, A MASSIVE BEAT ON EARNINGS WITH SHARES UP 4%. COINBASE AND BITCOIN WITH A RUN-UP COME UP MORE THAN 20% MONTH TO DATE. JOINING IS NOW IS THAT COINBASE CFO, ALESIA HAAS . I WANT TO

START WITH THE MASSIVE EPS BEAT THAT WAS DRIVEN BY BETTER TRADING VOLUME. WHAT ABOUT ACTIVITY IN THE QUARTER AND HOW IT IS CARRYING OVER TO THE BEGINNING OF 2024? >> THANK YOU FOR HAVING ME. THANK YOU FOR THE FIRST QUESTION.

YES, WE ALWAYS SAID CRYPTO IS A VOLATILE SPACE. WHEN WE SEE INCREASES IN VOLATILITY, MADE MORE TRADING VOLUME IN OUR PLATFORM. THAT IS WHAT WE SAW IN THE FOURTH QUARTER SPARKED BY A BELIEF THAT THE MACRO ECONOMIC ENVIRONMENT WOULD IMPROVE IN

2024, WE SAW MORE GROWTH ACROSS THE PLATFORM, RETAIL, INSTITUTIONS, AND EXCESS ROWTH IN OUR ADVANCED TRAINING PRODUCT WITH STRONG TRADING VOLUME. WHEN WE SEE STRONG TRADING VOLUME AND ACTIVITY, THAT TRANSLATES TO BOTTOM-LINE GROWTH. WE HAD A STRONG FOURTH QUARTER

WITH $273 MILLION IN NET INCOME WHICH LED US TO A $95 MILLION FOR THE FULL YEAR OF 2023 AND WE POSTED NEARLY $1 BILLION OF ADJUSTED EBITDA IN 2023 AND WE WANT A POSITIVE EBITDA IN ALL MARKETS AND PROUD OF FOUR

QUARTERS OF POSITIVE EBITDA. >> YOU BEAT ON JUST ABOUT EVERY MEASURE EXCEPT MAYBE TAKE RATE BEING SOFTER, LOWER. WALK ME THROUGH WHAT THAT MEANS IN TERMS OF TRADING MIX AND WEATHER THAT SHOULD BE TRANSLATED –? >> WE DID NOT CHANGE PRICING IN

QUARTER FOUR, WE SHARED THIS FOR MANY QUARTERS, A LOT OF THE RESULTS OF OUR EE RATE IS A SHIFT ON OUR PLATFORM. WHO TRADED WHAT PRODUCT IN THE QUARTER? IF WE HAVE HIGHER VOLATILITY, WE GROW SIMPLE TRADING BUT ADVANCED GREW MORE.

THE GROWTH OF THOSE ADVANCED TRAINING CUSTOMERS AND THE VOLUME PER TRADER LED TO THE FEE RATE COMING DOWN UPON AVERAGE IN THE QUARTER. IT IS JUST MATH AND NO CHANGE TO FEES IN THE FOURTH QUARTER. >> A LITTLE OVER A MONTH INTO

THESE BITCOIN SPOTS ETF WITH BITCOIN TRADING AND MORE THAN A TWO-YEAR HIGH , OTHER CRYPTO CURRENCIES SURGING AS WELL. AROUND THE ETF’S, ON THE ONE HAND, A CUSTODIAN FOR A MAJORITY OF THEM, THE OTHER, ACCORDING TO ANALYSTS, THEY COULD COMPETE FOR SOME OF THE

INVESTOR AND TRADER ACTIVITY THAT TRADITIONALLY HAS GONE TO COINBASE . WHAT HAS THE IMPACT BEEN SO FAR? >> WE HAVE SEEN CRYPTO COME UP ACROSS THE BOARD AND LARGELY BEEN DRIVEN BY BITCOIN WITH EXCITEMENT AND MOMENTUM . WHEN

WE LOOK AT THE ETF IN PARTICULAR , WE HAVE SEEN NET $4 BILLION OF INFLOWS INTO BITCOIN ETF’S, ONE OF THE FASTEST GROWING ETF CATEGORY WE HAVE EVER SEEN IN THE HISTORY OF ETF’S, SURPASSING SILVER IN TERMS OF TOTAL SIZE AND WE ARE THE

CUSTODIAN OF 90% OF TOTAL ETF CRYPTO. THAT IS BENEFITING OUR PLATFORM DIRECTLY. WE HAVE SEEN GROWTH WRIT LARGE ACROSS THE SPACE WITH THIS EXCITEMENT AS MORE PEOPLE ARE GETTING INTO CRYPTO AND EXCITED ABOUT THE ASSET CLASS AGAIN. WE HAVE SEEN GROWTH IN OUR

ADVANCED TRADING AND THE INSTITUTIONAL PLATFORM WHICH IS

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32 Comments

  31. @Hernandezpopo

    Since I became so rich in cryptocurrency I realise that crypto is the future cuz I invested 10k and made up to 36k as weekly profit I appreciate the help of your channel 😃🙂

  32. @USVIsteve

    The difference between simple and advanced trading is, we’re gonna screw you in simple trading. Really love how that rolls off her tongue. How they roll that over from Coinbase Pro to advance, so we’re going to go and head and screw you further

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