Open the Q4 2022 shareholder letter. It’s printed right there: a loss of $557M on revenue of $605M.
The loss is nearly as large as their entire revenue! Is that a sign of a healthy business? It’s like selling $5 pancakes that each cost you $10 to make.
You don’t think Coinbase is losing money?
Go to their investor relations page:
https://investor.coinbase.com/home/default.aspx
Open the Q4 2022 shareholder letter. It’s printed right there: a loss of $557M on revenue of $605M.
The loss is nearly as large as their entire revenue! Is that a sign of a healthy business? It’s like selling $5 pancakes that each cost you $10 to make.