$COIN down $5 after hours on a headline miss but there are a number of silver linings imo.

Expenses were still sticky in a down BTC quarter, but marketing is an easy lever to pull if needed.

They gained spot share by my count, & derivatives momentum is real (though boosted by trading giveaways, which show up in costs). Today’s Deribit news (80%+ crypto options share) neutralizes a potential major overseas competitor & brings them into the fold.

Press is focused on the transaction revenue decline, but that was intentional: COIN tightened spreads to attract market makers and flow. And of course BTC and especially alts were down in the quarter.

Now, with BTC back over $103K and COIN now long even more BTC (bought ~$150M) in the quarter, that bet is likely starting to pay off.

Also, new all-time high in Coinbase One subs is Cool to see.