COIN dropped 50% in revenue across two quarters in 2022 and the same concentration risk is still there
u/ApplicationNew4144 ·
Reddit — r/stocks
· May 23, 2026 at 16:04
· ⬆ 24 pts
· 💬 14 comments
| View on Reddit ↗
No analysis available.
Score24
Comments14
Upvote %94%
▶ Full Post Text
Disclosure: I hold COIN.
Coinbase reported $2.3B in Q1 revenue per the 10Q. Transaction fees, USDC stablecoin interest, and custody made up roughly 90% of that. Custody grew after spot ETF approvals, which is great, but all three lines depend on the same thing: a friendly regulatory environment.
We already saw what happens when that flips. Revenue went from $2.5B in Q4 2021 to $1.2B by Q2 2022 as SEC enforcement escalated. The company has not meaningfully diversified since then.
I was digging into crypto sentiment data on Surf while reviewing the filing and honestly the bull case still comes down to "policy stays favorable." That is a lot of concentration for a $60B+ company.