Three ways to earn from crypto, three completely different businesses
Crypto exposure is increasingly bought through listed equities rather than tokens, and the companies offering it are not variations on the same business. An exchange earns on trading volume, a brokerage earns across several lines where crypto is only one, and a stablecoin issuer earns on interest rates. In the same quarter those three models produced a large loss, a large profit, and a thin margin on substantial revenue. Every figure below is pulled live from filed financial statements.
Side by side
Filed financialsNet margin is computed here from the filed revenue and net income of the same period, not taken from any summary. Valuation ratios use a quoted market price against a trailing twelve months built from four contiguous quarters. Where trailing earnings are negative, the price/earnings ratio is shown as not meaningful rather than printed as a negative number. A metric a company does not report under the expected tag is shown as unavailable rather than substituted.
| Company | Model | Revenue | QoQ | YoY | Net margin | Price | Market cap | P/S (TTM) | P/E (TTM) |
|---|
What this page does not tell you
Not provided- No price targets and no ratings. The valuation ratios here are arithmetic on a quoted price and filed revenue. They describe what the market is currently paying, not what it should pay.
- Prices are quoted, not filed. Share prices and share counts come from a market data provider, not from a filing, and are a snapshot rather than exchange-grade tick data. The financials underneath them are filed.
- One quarter in every trailing year is derived. Q4 is never filed as a discrete quarter, so it is computed as the full year minus the first three quarters. It is arithmetic on filed figures, not an estimate, but it is not itself a filed number.
- No forecast. Every number is a reported historical period. Nothing on this page is a projection.
- Reported figures only. These are GAAP results as filed. Companies also publish adjusted measures that are often materially different, and a summary quoting one without saying which can differ from the filing by meaningful amounts.
- Not a like-for-like comparison. These are three different business models. Comparing their margins tells you about the models, not about which is the better company.
Method. Financials come from the SEC EDGAR XBRL company-concept API, one request
per metric per company, filtered to periods of roughly three months so quarterly facts are
separated from annual ones. Where a later filing restates an earlier period, the most
recently filed value is used. XBRL tags are not consistent between filers, so each metric
resolves through an ordered fallback chain: as of the last check
OperatingIncomeLoss returns no data for Robinhood and
RevenueFromContractWithCustomerExcludingAssessedTax returns none for
Coinbase, and CommonStockSharesOutstanding returns 0 for Robinhood and
nothing at all for Circle, so share counts come from the market data provider and are
cross-checked against SEC where SEC has a usable value. Growth rates, margins and every
valuation ratio are computed from those inputs rather than quoted from a summary.
A trailing twelve months is only assembled when the four quarters are genuinely
contiguous, and Q4 is derived as the fiscal year minus its first three quarters because
it is never filed on its own. Prices and share counts are from Finnhub. Companies covered
are defined in data/equity-registry.json; adding one requires no code change.