To investors,

Coinbase has long been one of the most important companies in the bitcoin and crypto industry. Brian Armstrong and Fred Ehrsam started the business in 2012 as one of the first American-based on-ramps for bitcoin.

Since inception, the company has grown to become one of the leading finance platforms in the world. We saw just how dominant they are during their earnings report yesterday.

Coinbase reported:

• $1.87 billion in revenue

• $433 million in net income

• $516 billion in assets on platform

These numbers are bonkers. To put it in context, Coinbase has nearly double the number of assets on their platform compared to Robinhood. Coinbase has enough assets to be in the top 10 bank list from the legacy system.

Pretty incredible to see how fast the business has grown, but it is even more impressive to see how large they have become. Crypto is no longer an outcast of finance. Coinbase is proving that crypto companies are likely going to dominate the industry for the foreseeable future.

As if that wasn’t exciting enough, Brian Armstrong proved yesterday he understands the retail investor movement better than most public company CEOs. Armstrong pulled up a prediction market at the end of their earnings call and he rattled off all the words people were betting he would say. Take a listen:

I figured stuff like this would eventually happen, but I definitely didn’t think it would happen so fast. Brian tweeted later in the day saying it was completely spontaneous because someone on their team had dropped a Polymarket link into their team chat during the earnings call.

Regardless of how it happened, this is further proof that prediction markets may drive outcomes rather than outcomes driving prediction markets. No one should hate a little fun from time to time.

This brings me back to Coinbase as a business. They are accelerating growth, driving profits, buying more bitcoin and crypto assets, and they are expanding their product suite into every corner of finance. What a time to be alive. Crypto is eating Wall Street and Coinbase is leading the charge.

I am a shareholder of COIN through one of the venture funds that I manage, but it feels like maybe we are all underexposed to this theme. Robinhood is attacking from the brokerage angle. Coinbase is attacking from the crypto side. They are going to meet in the middle and finance will never be the same.

Hope you have a great end to your week. I’ll talk to everyone on Monday.

– Anthony Pompliano

Founder & CEO, Professional Capital Management

Coinbase Institutional Believes Banks Will Hold Bitcoin Eventually

Brett Tejpaul is the Co-CEO of Coinbase Institutional, leading one of the most influential divisions shaping how major firms enter the crypto market.

In this conversation, we explore how Coinbase is driving institutional adoption of digital assets — from bitcoin and altcoins to tokenized securities and on-chain assets. Brett shares how the firm is preparing for the next wave of Wall Street entrants, what risks and opportunities lie ahead for Coinbase, and why the digital-asset treasury era is only just beginning.

Enjoy!

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