# 195 - The Bull Case for $COIN | Michael Rinko & Jay

*Author: Ryan Sean Adams, David Hoffman*
*Published: Nov 3, 2023*
*Source: https://www.bankless.com/podcast/ea-coin-bull-case*

---

This is our first time ever covering a TradFi stock! However, Coinbase is a different beast…

Coinbase is a behemoth of a company, growing since May of 2012. CEO Brian Armstrong has been on Bankless a number of times.

Today, we’re bringing on two analysts–independent researcher Jay (0xJaypeg) and Delphi Digital analyst Michael Rinko

Today’s episode will not be a history lesson on Coinbase, if you’re looking for that, we’ll highly recommend checking out Coinbase’s documentary: COIN: A FOUNDER'S STORY

Today’s episode is all about $COIN the asset. Down from its ATH of $342/share in Nov. 2021 to $85 today—and with a current market cap of $17.8B— are you bullish $COIN? Why or why not? 

## CHAPTERS
0:00 Intro

4:30 The Business of Coinbase

8:40 Diversifying the Business

14:30 Analyzing Equities

17:20 Coinbase USDC

23:30 Yields and Interest Revenue

31:45 The Staking Business

37:00 The Take Rate

43:45 Growth of Staked ETH

48:20 Coinbase International

56:45 Derivatives Revenue and Regulation

1:06:00 Coinbase Bank and Custody

1:17:00 BASE

1:31:00 Ranking Coinbase’s Opportunities

1:35:00 Coinbase Assets

1:38:20 The Company Itself

1:48:00 Predicting $COIN

1:54:50 The Bear Case

## RESOURCES
Michael on Twitter

[https://x.com/mrink0](https://x.com/mrink0)

Jay on Twitter

[https://x.com/0xjaypeg](https://x.com/0xjaypeg)

Delphi Digital Report

[https://members.delphidigital.io/reports/coinbase-from-sleeping-giant-to-industry-leader](https://members.delphidigital.io/reports/coinbase-from-sleeping-giant-to-industry-leader)