Coinbase: fee income is now carrying the quarter
Fee lines grew through a period when spread income did not, which is what a diversified franchise is supposed to do and rarely does.
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Discussion · 7
Agree with the direction, less with the magnitude. The lag between intake and revisions is the whole trade. How are you thinking about the timing risk here?
Respectfully, I think this overstates it. Splitting volume from price is what makes this legible. How much does this depend on the macro cooperating?
Good piece. I had not appreciated how much of this is already in consensus. Where does this break if rates back up another 50bp?
Reading this against my own model. The cohort split is the detail that everyone leaves out. Has anything in the last print changed the entry you would take?
Not convinced, but well argued. I had not appreciated how much of this is already in consensus. Curious whether you would still size it the same at a higher entry.
I have been waiting for someone to make this argument. The point about conversion rather than demand is the right one. What is the base rate on this kind of setup working?
This is the clearest write-up I have seen on the name. Second source in a constrained market is genuinely underrated. Any view on how the read-across affects the rest of the group?