So it's all kind of tied together.Īnd third quarter, from what we see, has started on kind of a similar tone. Markets are down 60% in the second quarter. This has been an incredibly hard hit stock in correlation with just broader crypto markets. The stock's up about 30% over the last week. So there was more mix towards institutional.Īnd then, in terms of the outlook, we haven't spent a ton of time going through it yet, but it looks like they're reaffirming their guidance to operate within an adjusted EBITDA loss of $500 million for the year. So even though trading volumes were right in line with, I think, expectations, they make a little bit less money on institutional trading spreads. It looks like the reason that happened is because of mix between retail and institutional trading. They missed revenues, it looks like, by about 3%. We were expecting a really tough quarter, so we're essentially getting that. Well, we need to spend some more time going through it in detail, but first glance, tough quarter. Devin, just your reaction to this miss here from Coinbase.ĭEVIN RYAN: Hey, good afternoon. We have Devin Ryan, director of financial technology research at JMP Securities. Let's dig a little bit deeper into this report. But again, that miss on both the top and the bottom lines one of the reasons that we're seeing the stock off just about 6% here after hours. Coinbase saying that they expect limited hiring going forward expected for backfills, at least, for now. equity research analysts conducted by StarMine and published in The Financial Times. He began his Wall Street career in the institutional investor group at Citigroup Smith Barney.ĭevin holds a BBA in management information systems from University of Notre Dame.Also some guidance here just in terms of hiring. During his time at Sandler O’Neill, Devin was a three-time winner of the top spot in his sector in an annual ranking of all U.S. Prior to joining JMP Securities in 2013, Devin spent more than eight years in equity research at Sandler O’Neill & Partners, concluding his tenure there as a Managing Director and senior analyst while covering a range of companies in the capital markets industry with business lines spanning investment banking and securities trading, asset and wealth management, and retail and commercial banking. Additionally, Devin serves as Head of Business Development for JMP Securities, leveraging his industry expertise and longstanding relationships within the capital markets and financial technology sectors to help chart the future of the firm. As Director of Financial Technology Research, Devin stewards JMP Securities’ coverage of fintech companies that exist at the intersection of traditional finance and technological innovation. Jeff holds an MBA from the Amos Tuck School of Business Administration at Dartmouth College and a BA from the University of Vermont.ĭevin Ryan is a Managing Director and equity research analyst covering investment banks, brokers, asset managers, and specialty lenders. Hutton and the corporate sale/leaseback division of Integrated Resources. Jeff’s earlier investment and financial advisory experience includes roles in the real estate investment banking group of Coldwell Banker Commercial, the acquisition and development arm of American Continental Properties, the mergers and acquisitions department of E.F.
and the general partner of The Steelhead Fund, L.P.
Beforehand, he was a portfolio manager at Reindeer Capital, L.P. Prior to joining JMP, Jeff was in institutional equity sales at Morgan Stanley with coverage of major west coast accounts and was a Managing Director in institutional sales at NationsBanc Montgomery Securities. Jeff previously served as JMP’s Director of Product Management, focused on the optimization of the firm’s equity research product, from 2007 through 2011 and as Director of Institutional Sales from 2005 through 2009.
Jeff Spurr is a Managing Director and is JMP Securities’ Director of Research.
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