$Coinbase Global, Inc.(COIN)$ Here are a few COIN facts from the 10K

2022 Revenue $3.19B 2022 Loss $2.63B

Why did they lose $2.63B?

R&D Expense line item is called "Technology and Development" this line item is $2.32B

this expense is 73% of revenue.

Sales, General and Administrative Overhead was $1.6B which is 50% of their revenue.

The company spent 122% of their revenue on R&D and SG&A. They spend a further 20% on transaction expenses.

The 2022 investor letter promises cuts in some of these costs to the tune of 30%. This is not enough to make this company profitable. Let's see what they report on the Q1 and Q2 10Q. Even if they do make substantial cuts - can they maintain these cuts over time in the face of a hostile US Government?

Does anybody think that changing platform technology and administrative processes to comply with SEC regulations is going to allow them to drive down these costs?

This is also a very US focused company fully $2.68B of their $3.19B (84%) in revenue came from the US. Are they really going to survive by competing with Binance globally?

This is also a Consumer focused company. The company did $2.36B in transaction revenue in 2022 of which $2.24B (95%) came from consumers.

Their SG&A, R&D and Transaction costs are out of control, and their revenue is primarily driven by US consumers. The US SEC is openly at war with them.

This company is toast.

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