Perceptually, it seems like coinbase over the years has become primarily an ethereum-centric company over bitcoin.

Why is this? I feel like I see a lot more initiatives toward eth l2s, wallets, ens, etc. than bitcoin-related products. Is this simply bc there's less surface area to build on? or it's less profitable?

also if anyone has data that suggests otherwise, I'd be keen to see it!

this question was inspired by looking at how Block centers their crypto business around BTC, and seems to be generating a ton of revenue from it:

also if anyone has data that suggests otherwise, I'd be keen to see it!

this question was inspired by looking at how Block centers their crypto business around BTC, and seems to be generating a ton of revenue from it:

https://decrypt.co/151161/block-announces-increase-in-profit-year-over-year-in-q223-earnings

weird GAAP accounting quirk based on their transaction flow (they take possession of the BTC vs. Coinbase doesn't).

That's volume, they take 2% of that as revenue (before costs like fraud).