Mar 11, 2021

The Annotated Coinbase S-1

A forensic look at the dominant cryptocurrency exchange.

Artwork by 
Back to all

You can listen to an audio version of The Generalist on Spotify or Apple Podcasts.

Coinbase's S-1

As of December 31, 2020, Coinbase held 11% of all cryptocurrency assets on its platform. Wild. That was far from the only fascinated tidbit in the company's filing. With a direct listing expected in the next two weeks, we dug in. Salient points include:

  • The correlation between Coinbase and the broader crypto ecosystem
  • Trading concentration by currency (hint: BTC and ETH make up the majority)
  • Who bought shares from USV and Ribbit
  • The acquisitions of Tagomi, Xapo, Neutrino, and Bison Trails
  • Armstrong's incentive plan

To dive in, click here.

The Generalist’s work is provided for informational purposes only and should not be construed as legal, business, investment, or tax advice. You should always do your own research and consult advisors on these subjects. Our work may feature entities in which Generalist Capital, LLC or the author has invested.