- According to Brian Armstrong, Coinbase manages 90% of approximately $37 billion in Bitcoin ETF assets.
- Armstrong noted that Coinbase has seen net inflows into its retail and institutional products since the launch of the ETF.
- The CEO highlighted that 2024 will be more about international expansion and spin-offs for Coinbase.
According to Coinbase CEO Brian Armstrong, as the custodian of 8 of the 11 newly launched ETFs, Coinbase manages 90% of approximately $37 billion in Bitcoin ETF assets. He noted that Coinbase has seen net inflows into its retail and institutional products since the launch of the ETF.
While laying out some significant aspects of the crypto exchange’s Q4 earnings, the CEO highlighted that 2024 will be more about international expansion and spin-offs for Coinbase. He noted that the 2023 report confirms that the leading crypto exchange is financially stable, following the listed achievements.
In further explanation, Armstrong cited Coinbase’s cost adjustments and net income as evidence of their 2023 success. He noted that the exchange cut costs by 45% y/y and shipped products faster with a leaner team. It also drove $95 million of positive net income for 2023 and $964 million in positive adjusted EBITDA and total revenue of $3.1B.
Another notable development cited by Armstrong is the launch of the Coinbase International Exchange, derivatives products, and the Layer 2 Base, helping blockchains scale. Meanwhile, he was enthusiastic about the increasing crypto adoption in TradFi, something he believes to be good for Coinbase.
The Coinbase CEO highlighted that Bitcoin ETFs are now the second largest commodity in the U.S., behind gold. Hence, Coinbase will focus on growing trading fee revenue with international expansion and derivatives, considering its involvement in the ETF sector. They will also drive utility in crypto with payments, a process they will achieve by scaling the developing Coinbase Wallet into an onchain super-app.
In conclusion, Armstrong affirmed Coinbase’s resolve to continue driving regulatory clarity for crypto via the courts and other legitimate means. He noted that the exchange’s long-term focus on compliance has proved to be right. Additionally, he noted that they are well-positioned to help accelerate crypto adoption and update the global financial system.
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