This content was originally published on Ellie Frost’s Substack.

In case you missed them, below are the main results from yesterday’s earnings.

  • $1.8 billion revenue
  • $1.1 billion adjusted EBITDA
  • $730–800 million net income
  • $223 billion assets on platform
  • 56 million verified users (VU) and 6.1 million monthly transacting users (MTU)

What does this boil down to? I had three main takeaways and questions regarding trading take rate, users and 2021 projections.

Trading Take Rate

We are only provided a total revenue of $1.8 billion. If you arbitrarily take this and the $335 million volume, you would get an impressive ≈54 bps as Q1’s take rate. Huzzah! Does that definitively mean that the take rate remained high because retail users came in force? No.

There are three lines of revenue: transactional, subscription, and other. Note that “net revenue” is considered transactional and subscription. However, these three lines of revenue all have different drivers.

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