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GM. This is Milk Road. It’s Friday, pat yourself on the back for making it through another wild week in crypto.

Here’s what we got for you today:

• Crypto’s earnings are in… 👀

• Graph of the Day: Crypto VC funding is on the rise 📊

• The Weekly Rollup is in 📊

• Bitcoin ETFs see another day of outflows 🍪

CRYPTO’S EARNINGS ARE IN… 👀

It’s that time again… earnings season. 

It’s the corporate version of “Report Card Day” (aka the day I’d always “catch a cold”).

Anyway, two big crypto players released their reports this week…

Coinbase and Block. Let’s dive into the numbers to see who’s getting gold stars and who’s headed to summer school. 

1/ COINBASE EARNINGS

The #1 crypto exchange in the U.S. put up some big numbers last quarter:

• Revenue: $1.64B (up a whopping 122% since last year)

• Earnings-per-share (EPS): $1.65 (beat estimates by 59%!)

• Net income: $1.2B

• Trading volume: $300B

• Other interesting stuff: Wall Street finally caught wind of the base ecosystem revenue driver.

Overall, Coinbase had a HUGE Q1. Let’s take a peak at a key driver: Base

The chart below focuses on Q1 2024, showing a whooping $18M+ in profit..

Base Profits Explained: these numbers were calculated by subtracting Base's expenses from revenue to get net profits, then deducting 15% for the OP Collective profit share (not visible onchain yet).

PS: If you’re wondering how you can capitalize on Base, we’ve got you covered here.

The crypto' exchange’s stock price was up 10% on this sweet, sweet news.

2/ BLOCK EARNINGS

• Revenue: $5.96B (up 19% year-over-year)

• Earnings-per-share: $0.85 per share

• Net Income: $2.09B (up 22% year-over-year)

• Other interesting stuff: Block took the earnings opportunity to announce they are dollar cost averaging 10% of profits every month into BTC!

Milk Road Take: Congrats to Coinbase and Block… they put up big numbers, crushed analyst expectations, and grew their businesses - without any shady sh*t. 

Time to whip out the gold stars…

These public crypto companies keep on cooking.

What's your overall sentiment towards the cryptocurrency market right now?

A/ Bullish, I believe we're in a bull market.

B/ Bearish, I think we're heading for a downturn.

C/ Neutral, I'm waiting for more information.

Hit “reply” to let us know how your feeling about the market rn!

GRAPH OF THE DAY: VC CRYPTO FUNDING IS BACK ON THE RISE 📊

The results are finally set… crypto companies raised $2.5B last quarter. 

We scrubbed through the most interesting companies, so you don’t have to. 

Here’s who secured the money over the last week…

• Securitize raised $47M to bring real-world assets on-chain. The funding round was led by BlackRock, the world’s largest asset manager. 

• Optimism raised $90M to continue building out Layer 2 solutions. The round was led by the one and only… you guessed it, A16Z. 

• MilkyWay raised $5M to grow its liquid staking protocol. The seed round was led by Polychain Capital.

• Blade Gaming raised $2.4M to build a new gaming engine. The investment will fuel the development of onchain games building on the WebAssembly and zkVM tech stacks.

Milk Road Take: This is likely funding for the next cycle. Meaning it’ll take that long before the products and value are truly realized. That’s the name of the game, the time value of money on display.

THE WEEKLY ROLLUP IS IN! 🎙️

It's Friday, which means the Weekly Rollup just hit Milk Road Radio — it’s your weekly briefing on what matters for your crypto bags! 💰

This week we go over:

• Market Update: Why are prices dumping?

• FTX Updates & CZ Sentencing

• EigenLayer FUD & FriendTech’s Airdrop

• SocialFi is heating up with FantasyTop & so much more…

Oh, and we have a special guest on the show — Carly Reilly, host of The CPR Show, formerly known as Overpriced JPEGs.

Tune in. 👇

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U.S. spot Bitcoin ETFs saw another day of outflows. The ETFs experienced a net outflow of $34.4M yesterday. That selling pressure is mighty trendy innit?

Block faces scrutiny from federal regulators regarding ‘non-compliant’ crypto services. The fine folks over in Washington D.C. allege Block processed transactions linked to sanctioned countries such as Russia, Iran, Cuba, and Venezuela.

Pantera Capital bets big on The Open Network (TON). Pantera is looking to capitalize on the telegram connection, $TON pumped 13% on the news.

Eigen Foundation announced an extra distribution following the airdrop FUD. Airdrop recipients will receive at least 100 additional $Eigen. Tokens will start vesting after token transferability starts, beginning sometime after September 30.

Friend.Tech went live overnight and the token dropped fast. The biggest whale dumped all their tokens, leading to a 50% drop in the new token's value, while others are still unable to claim their airdrop.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.