Coinbase: excess capital is about to become a distribution story

The bank cleared its required ratio with a buffer and the regulatory calendar is clear. What follows is distribution, and the payout is not in the multiple.

Theo Marchetti@theo_marchetti

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Discussion · 4

Omri ShakedAUG 1

This changed my mind. The cohort split is the detail that everyone leaves out. Interested in what the kill switch looks like in practice.

Dana KatzJUL 31

This lines up with what I saw in the filings. The capital intensity point is the one I keep coming back to. Does the thesis survive a soft guide next quarter?

Ines FerreiraJUL 30

Finally someone put numbers on this. The depreciation schedule really is the whole disagreement. Where does this break if rates back up another 50bp?

Dana KatzJUL 31

Been on the sidelines on this one. The margin bridge is doing more work here than is acknowledged. Does the thesis survive a soft guide next quarter?

COINLong

Hit

Entry$225.45

Resolved$249.08

7d horizon

PositionNo position

Compensation

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This is research, not financial advice. Calls lock at publish and are graded by the market; they can be and often are wrong. Do your own research and consider your own circumstances before acting.