CoinCoin reported its quarterly report yesterday after the market close.
The shareholder letter can be found on the Coinbase website and is interesting reading as it documents in detail the Crypto bear market.
Coin had a down day yesterday(down 10%) recently it had almost doubled from the low on the Blackrock news.Its. High was over a year ago which coincided with the peak of the Crypto bull market.
Its ipo was at around 375$a share its low was around 50$ and it closed at around 88$ a share yesterday .Since the results were worse than expected I should think it will be down further today.
TTV was down 33% from the prior quarter.
It lost 1 billion dollars in the quarter.
It has about 6-7 billion in cash reserves.
Docuemts that we are probably close to the bottom and that the Crypto cycles last 2-4 years.
So at this point in time Coin has ample cash reserves to survive and the Crypto markets are doing better.
BNXA was down yesterday presumably because of the expected COIN news release which is basically a capsule of the market.
We will wait and see how BNXA has performed relative to COIN and what's its cash burn rate is like.