The main source of data about the company is its prospectus. Coinbase is a cryptocurrency exchange. In total, about 43 million people are registered on the platform, 2.8 million of them are active on a monthly basis. The platform stores $ 90 billion worth of user assets, and the total volume of exchange transactions on it for the entire history is $ 456 billion.

Bitcoin accounts for most of the trading on the company's platform, which is understandable: bitcoin occupies a dominant position in the capitalization structure of the cryptocurrency market.

Coinbase decided to get out of the samsara of typical IT startups and therefore comes to the exchange as a profitable company, which in itself can be considered valor in our leaden age of unprofitability: the company has a very steep final margin — 28.24% of revenue. The company's revenue is divided into three segments.

Transactions — 85.8% of revenue. These are the commissions that Coinbase collects from users for buying, selling and withdrawing money from the platform. Retail investors predominate in the structure of Coinbase clients, the share of institutional clients is still small, although institutional clients have been satisfied with the largest trading volume for the last few quarters.

Subscription and services — 10.67% of revenue. In this segment, the company charges users for storing their assets, staking cryptocurrencies — holding cryptocurrencies to receive rewards, - using the Coinbase social platform and analytical service. On the platform, users can post training videos and tasks for other participants, the company takes a commission from those who sell their content on its platform.

Other — 3.53% of revenue. Basically, this is revenue from cryptocurrency trading, which is handled by Coinbase itself, and income from margin trading of clients. This also includes the company receiving interest on its deposits.

The company makes the bulk of its revenue — 75.6% — in the USA, the rest falls on other countries, none of which provides more than 10% of the company's total revenue. I would like to note that the company's revenue outside the United States is growing faster than at home: from 2019 to 2020, sales in other countries have almost tripled.