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    Coinbase Global Inc (COIN)

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    Business Description

    Coinbase Global, Inc. (COIN) operates as a leading cryptocurrency platform with a mission to increase economic freedom globally. The company provides a trusted platform for customers to engage with crypto assets through trading, staking, safekeeping, spending, and fast, free global transfers. Coinbase offers critical infrastructure for onchain activities, which include interactions with blockchain-powered technologies such as self-custody wallets, decentralized applications, and open community engagement platforms.

    1. Transaction Revenue - Generates fees from trading activities by both consumers and institutions, including individual customers and institutional customers such as hedge funds and financial institutions.

      • Consumer, net: Transaction fees from individual customers.
      • Institutional, net: Transaction fees from institutional customers.
      • Other transaction revenue: Includes Base and payment-related revenue.

    2. Subscription and Services Revenue - Provides revenue from ecosystem products and other services, including stablecoin revenue, blockchain rewards, interest and finance fee income, custodial fee revenue, and other subscription and services revenue.

    3. Other Revenue - Includes corporate interest and other income.

    Key Metrics

    View all financials →

    Executive Team

    NamePositionStart DateShort Bio
    Brian ArmstrongChairman & CEOMay 2012Co-founder of Coinbase, CEO since inception, and Chairman since February 2021. Previously a software engineer at Airbnb and founder of Universitytutor.com. Holds degrees from Rice University.
    Emilie ChoiPresident & COOJune 2019President since November 2020 and COO since June 2019. Joined Coinbase in March 2018 as VP of Business, Data, and International. Previously held leadership roles at LinkedIn, Warner Bros., and Microsoft.
    Alesia HaasChief Financial OfficerApril 2018CFO of Coinbase since April 2018. Previously CFO at Sculptor Capital Management and OneWest Bank. Holds a B.S. in Business Administration from California Polytechnic State University.
    Paul GrewalChief Legal Officer & SecretaryAugust 2020Chief Legal Officer & Secretary since August 2020. Previously VP & Deputy General Counsel at Meta and a U.S. Magistrate Judge. Holds degrees from MIT and the University of Chicago Law School.
    Lawrence BrockChief People OfficerFebruary 2019Chief People Officer since February 2019. Previously Senior Managing Director and Chief People Officer at Citadel LLC and VP at Red Hat. Holds degrees from SUNY Albany and Georgia State University.
    Christa DaviesDirectorJuly 24, 2024Appointed as a director on July 24, 2024. CFO and EVP of Global Finance at Aon plc. Serves on Coinbase's Audit and Compliance Committee. Aon is a vendor of Coinbase.
    Paul ClementDirectorJuly 24, 2024Appointed as a director on July 24, 2024. Serves on the Board's Audit and Compliance Committee.
    Chris LehaneDirectorJuly 24, 2024Appointed as a director on July 24, 2024. Joined the Board following a recommendation by the Nominating and Corporate Governance Committee. Participates in the Non-Employee Director Compensation Program.
    Kathryn HaunOutgoing DirectorMay 2017Director since May 2017. Founder and CEO of Haun Ventures. Previously a general partner at Andreessen Horowitz. Stepping down after the 2024 Annual Meeting of Stockholders.

    Questions to Ask Management

    1. With transaction revenue declining 27% quarter-over-quarter compared to an 18% drop in trading volume, what factors are causing this larger decline in revenue, and how do you plan to address the pressures on transaction revenue moving forward?
    2. The significant increase in stablecoin pair trading, which generates little to no fees, is impacting your retail fee rates and overall revenue; is this shift towards stablecoin trading structural, and what strategies are you implementing to mitigate its effect on your business model?
    3. Coinbase's trading volume in altcoins has decreased notably compared to earlier quarters; what are the main reasons for this decline, and how do you plan to regain market share in trading of lesser-traded tokens to diversify your revenue streams?
    4. Considering the potential for a more favorable regulatory environment post-election, beyond reducing litigation risk, what specific initiatives are you prepared to launch that are currently constrained, and how will regulatory clarity influence your product offerings and growth strategies, especially in areas like staking and listing new tokens?
    5. Given the authorization of a $1 billion stock repurchase program amidst significant investment needs in technology, infrastructure, and regulatory compliance, can you elaborate on how this capital allocation aligns with your growth strategy and why you are choosing buybacks over reinvesting more heavily in the business or preserving cash due to crypto market volatility?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateOctober 2024
    End Date/DurationNo expiration
    Total Additional Amount$1.0 billion
    Remaining AuthorizationN/A
    DetailsDesigned to return capital to shareholders and strategically allocate capital. Funded by existing cash, cash equivalents, USDC, and future cash flows. Provides flexibility to repurchase opportunistically based on market conditions.