taylor: this is "bloomberg technology." coming up, it is the public debut of the year. going basic going public via a direct listing, shunning the traditional ipo market as it eyes that $100 billion

valuation. it closed in its debut 14% below the opening price, but it was the biggest direct listing ever. it's a win for the nasdaq, the exchange where the company debuted, but it is so much more than that. investors, analysts, crypto enthusiasts think it is a big win not only for the democratizing finance, but for bitcoin and other crypto asset. analysts repeatedly said this is the way to get professional investors and corporations to invest and allocate to crypto assets and we saw bitcoin and a ethereum trade at lyric -- at record levels today. let's get to my fellow lady in burgundy. we talked about the pricing below where it opens. do you still consider this a success? sonali: that is a hard question. not only was the price lower than when it opened, when it shot past $400 a share, it

dropped to lower than $343, which is where it was trading privately in private markets in the first quarter of this year. so do you consider it a success when it is trading in essentially what was a down round and public market? the reality is any crypto will be volatile, but they really did have a huge headwind. everyone was looking for that hundred billion dollar valuation. -- that $100 billion valuation. it is still a massive company, bigger than most changes out there. the question is where does it go from here. taylor: where does it go from here? who are some of the biggest winners from this? sonali: you have to look at the people who not only invested early on, but stuck with coinbase through its wild rides in privates. here, they really doubled down on the company while others were selling. this is becoming an increasingly

popular wall street name, but also huge in private market, investing more and more in startups. you have paradigm and rivet capital, -- and ribbit capital, and sin tech as well. so everybody that was in this pre-ipo stock are people you want to watch in future stocks. everybody i am talking to is already talking about robinhood, which will be the next big listing on the nasdaq. taylor: we could not get away from that one. we have been talking with early investors all day long. are you hearing that the company that would have been invested years ago is the same coinbase we see today, or is this a new company with new ambitions? sonali: it is so much bigger than it was before. people are throwing around all sorts of comparisons. is this going to become the next big neo bank?

how do you compare its customers in terms of how much people are trading on it? and how do you account for the growth -- there's also the google and facebook comparisons. what moment in history are we in? taylor: we will continue to follow the story. thank you sonali bostick, who has been working since the wee hours of the morning. let's get more on coinbase's direct listing today. we are joined by katie h uan. what -- by katie haun. kathleen: it was a historic moment -- katie: it's such an exciting time. that said, it is just one day.

the company has been around for nine years and it has decades more ahead of it. we are just very excited about the long-term prospects of the company. taylor: has this company changed? how do you see this company? katie: you have to understand the founder is just so visionary. i think he has always been this vision. one of the things that is so exciting is about what is next for this company. if you think about it is next, already we have 56 million users on the platform, with really very little spend in terms of pay marketing. in classic coinbase fashion, they are always dreaming bigger and looking forward. and they are looking at what is going to happen with the next set of users. when they talk about the next set of users coming onto the

platform they are looking at the 3.5 billion users worldwide with a smartphone who are not currently using crypto. in classic brian armstrong fashion, he is not thinking about the next 10 million users or even the next 100 million users. it is how do we get the next one billion users on this platform. so it is very exciting. taylor: how are you thinking about that? you have an incredible background based on cybersecurity and cybercrime. in some of the early use cases that is where we thought bitcoin would be. it is so much more than that. how do you translate those beginnings into a bigger use case? katie: look, the narrative started out, as you mentioned i was a former federal prosecutor, founded the first crypto task force at the department of justice. and did some of the big early money laundering cases. by the way come also with fiat, not just crypto. i was asked in 2012 to

investigate bitcoin. and i quickly realized that would be a complete fools errand. it would not have been possible but also not desirable because there were so many socially beneficial aspects not just to bitcoin, but also to crypto. we are just excited about what we see as an entirely new crypto economy. it is about much more than just one asset. of course we are very excited about going as a category and asset class but we are excited about many other assets. and apart from that we are excited about what we see is really a new computing platform much like the iphone was for mobile. taylor: interesting. can you expand on that a little? of course you are a board member. you have keen insight into the direction of where you would like to take this company. what does that sort of ecosystem look like to you? katie: let me give you a couple of examples. we talk about decentralized

finance, but another category we are very excited about, and i think coinbase is well-positioned to capitalize on given it is a crypto-first company, is what we call nft's. they are basically digital tokens. they live on top of a blockchain but they are digital goods. they could be anything from digital art, collectibles. one of the ones taking off in a mainstream way now is nba top shots. some of your viewers might have heard of that. for disclosure, we are investors in that. what this category of nft's, it's kind of generational. i think some in certain generations have a hard time grasping why would i pay for anything that i cannot hold in my hand. but that is changing. the next generation, they are already there. they are very used to living large portions of their lives online. they are very comfortable with spending money on digital goods.

apple makes billions every year on digital content, on in-app purchases. you think of kids who are buying fortnite skins or whatever on games. but now you think for the first time when you can prove jet -- program digital scarcity with cryptosystems, now you have a truly unique asset that you actually own, but you don't have platform lock-in for. so we're very excited for nft's. and coinbase is really [oised -- poised -- i think they are the portal to the crypto economy. people have no idea how big the crypto economy is. taylor: on that note i am curious if you see future regulation helpful or hurtful for a coin-based crypto. katie: i think one of the thing that coinbase smartly did early days was they really invested in regulatory come in compliance

come in legal, in and safety and security. again, very early. you mentioned the coinbase of nine years ago. it was a small team and it cost millions of dollars to get all those licenses. not just from 50 states but from the countless jurisdictions where they have customers. because of course coinbase is a global company. so that was a costly decision. and they did that and i think that set them up incredibly well. coinbase has always leaned in to the regulatory environment, they have not shied away. they have pushed back at times when they felt regulations were overreaching. however, i think one thing that really sets coinbase apart is how it has leaned in to the regulatory environment. like i said, it's a testament that they would invite a federal prosecutor onto their board. so there's that. but one of the things i am seeing changing, and i think i remain hopeful for the u.s.

regulatory environment -- of course there are regulators all over the world, but let's talk about the u.s. for a minute. i am actually hopeful about the regulatory picture, because i think one of the old narratives is crypto is just use for ilicit finance, and threatens national security. i can tell you firsthand, the reality is blockchain technology can help to combat ilicit finance because it is digital breadcrumbs. there more transparency. and in fact there are entirely new businesses being built right now that investigators worldwide and prosecutors are leveraging to actually help them solve crimes. and prevent illicit activity. and when you talk about national security, i think i am starting to hear a shift in tone, which is encouraging to me, that actually the greater national security threat is for u.s. regulators to not embrace crypto or to sean crypto. -- shun crypto. particularly at a time when you

have the chinese government launching a digital cryptocurrency and exporting it to other countries. so i think we are starting to see regulators understand that there is actually a bigger national security threat from shunning crypto. taylor: are we too far behind china at this point? katie: i do not think we are too far behind china at this point, but i think the next four years are going to be actually critical, so we are very hopeful that with the biden administration that they have an open mind towards crypto. by the way, not just for national security, but we also see it as a very large potential for economic growth. taylor: fascinating. so many places we could go. we will have to get you back on. katie haun, perfect guest for a day like today. coming up, more on coinbase, you guessed it. see what cathie wood has to say

about its blockbuster direct listing, and of course later, focusing on bitcoin rewards, and of course an early coinbase investor joining us to discuss the long-term implications for the crypto space. this is bloomberg. ♪ this is bloomberg. ♪

taylor: coinbase's trading debut ushering in a new era for cryptocurrency. bitcoin neared a $65,000 for the first time. it closed at about $62,000, although we know it does not really close. you can trade this all weekend. bloomberg intelligence analyst --

and helped the digital currency breached the $40,000 resistance level. joining us now to discuss resistance and support levels, commodities strategist who is a bitcoin enthusiast as well, talk to us about some key support levels you really see for this. alexis: i think the big level is 50 and we put that in the distance. i do not know if we can get back there. the next support has moved up to $60,000. it keeps rising. coinbase is part of this market coming into the adult space. and it's trading like it is much more of an adult market. the key indicator is volatility. 30 day volatility has dropped to the lowest level since it broke out in october and december. i do not know what is going to stop it here. taylor: i love that you mentioned volatility. cathie wood earlier spoke about volatility. >> we expect tremendous

volatility in this. it is going to be unstable in terms of investors and analysts understanding what coinbase actually is. it makes most of its money on the trading of bitcoin and ether, the two biggest. it is going into a lot of other cryptocurrencies and crypto assets. taylor: we talked about volatility within the individual cryptos, but then you are also seeing volatility within coinbase as well. do you see the two tracking each other? mike: i think so but the thing term ever is bitcoin started it all, it is the beta, it is now the global digital reserve asset, and it is really a small portion of most people's portfolios. cathie wood is in both spaces. coinbase is more equity, but i see a lot of the equity money is now going towards bitcoin, and bitcoin is becoming potentially the risk off asset because funds

are flowing towards bitcoin. generally, very much from gold. the rest of the space looks as a bond portfolio. it is a compliment. it is a question of where the next levels are in what my trip it up. -- might trip it up. taylor: i want to push back on that. mike: here is one of the most significant things that happens in markets. observing human nature. classic human nature that you have been investing in gold or assets for who knows how long, that what i see shifting this year, if you do not put maybe 100 units into bitcoin, you are at greater risk of looking like a fool 10 years from now, versus 1% or 2%, not a big deal. everybody is having those discussions. it is just a question of getting into the space. that is where i secret -- where i see a trickle up bid. it's not having those sharp

corrections or sharp rallies. maybe we are going to continue to migrate. i think we are going to 70 and if it takes longer, that is better rather than dropping and going back up. that is what happens in a good bull market. if you seek up 2% every day that is zero volatility. taylor: we are getting into the weeds with the math, i love it. let's talk about another story. talked about tesla, allocating a portion of their own treasury dollars so to speak in this. is that a real store of value? does that legitimize this? do you see other companies follow? mike: that is the problem now. it's a good thing for every money manager who is not in, that is the problem. not in the space, looking like a fool, looking like nice heirs -- like nice -- looking like naysayers. your holding a lot of gold, and

that gold is a pretty solid reserve asset. but the gold is clearly moving away towards bitcoin. in a world going digital, this digital reserve asset in the future could be the new gold. it's happening fast. so what is going to stop it? i don't know. but unless you put digitalization into reverse, you have to -- the way i look at gold is i am naked if i don't have bitcoin. taylor: fascinating. trick question. what's the question i always ask you at the end of our segment? mike: where are we going? taylor: no. i need to remember my password. i have bitcoin and it is locked up in some password i cannot remember. how do i get my password? mike: that is part of the strength of it, and partly why people say it uses a lot of electricity. i have a son who is 20, we have solar panels running that node. anybody in the world can do that but it is decentralized 24/7 and

no one can trip that up. if the entire country runs out of power, it will still trade. thinking about the future, what is going to stop this? decentralization, and bitcoin represents rapidly advancing technology and innovation and pressuring things like the price of gold and crude oil being replaced by bitcoin. taylor: mike is only allowed back when he discovers my password. mike mcglone, thank you for staying will -- staying late. an abrupt leadership change at toshiba casting doubt of a potential buyout offer. toshiba is replacing its ceo with the company's chairman. the change came as factions within toshiba announced resistance to a preliminary buyout offer from cdc capital. private equity firm kkr exploring its own offer for the company. for a company that rarely shares

its diversity details and internal issues of any sort, amazon is setting a new set of commitments this year. we have all those details next. this is bloomberg. ♪ oomberg. ♪

taylor: we are all focused on coinbase, but there were a few

other stories making news today. there was of course dish network and its sling tv unit, taking on some of the biggest names of the streaming at home fitness program. they are suing for allegedly infringing patents. the lawsuit accuses the companies of using dish's technology that improves the quality of video over the internet. no response yet from the defendants. and facebook will conduct an experiment to allow more users to block "like" counts on their own posts or content from others. it is expanding an effort to gauge whether the feature intensifies pressure among young people. facebook says so far, results are mixed. and amazon setting hiring diversity goals for this year. the e-commerce giant says it aims to increase the number of women and black employees in its senior ranks, and really increasing the number of women in tech and science roles. it's an unusually detailed

announcement for a company that rarely discusses the makeup of its workforce in public. coming up, we are speaking with lolli ceo, a startup which focuses on bitcoin rewards, and of course an early coinbase investor, alexis ohanian, on what this means for the broader capped. take a listen to him back in 2014 discussing bitcoin. alexis: i think there is absolutely a place for it. it is one that needs regulation and will need a cautious hand, but i think the right founders are building some amusing platforms right now and i hope it means a great future. ♪ ♪

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yes. yes you do. a kohler walk-in bath provides independence with peace of mind. call... for fifteen hundred dollars off your kohler walk-in bath. visit kohlerwalkinbath.com for more info. taylor: this is "bloomberg technology." let's head to san francisco. ed ludlow is standing by with a wrap on the market. at least in new york we were also curious only about coinbase. what was san francisco focused on today? ed: i am going to talk about how stocks came off record highs because big tech was under pressure. yields up a couple of basis points. the only story was the coinbase listing. broadly there is such a big narrative around cryptocurrencies that comes with it. you can see bitcoin is actually showing it is marginally higher by around .5%, but that is

because it trades constantly. at' coinbases listing -- at coinbase's listing we saw a pop -- all the narratives around mainstream except ability, cryptocurrency becoming part and parcel of normal life. if there is one guy you want to hear from on a day like today about mainstream and normal life, it is probably the fed chair jay powell. here is what he had to say. >> what people call cryptocurrencies, they are really vehicles or speculation. no one is doing -- no one is using them for payments like the dollar. it is a little like gold. for thousands of years, human beings have given gold this special value that it does not have from an industrial standpoint, but for thousands of years they have done that. cryptocurrencies are much more like that. ed: even so, coming into today into wednesday with the coinbase

listing, there was so much interchange, so much relationship between the anticipation with that and bitcoin. this is the year to date chart. you can see the white line with bitcoin. we know about tesla getting into bitcoin, big financial institutions bringing bitcoin access to mainstream investors. also pushed higher because there were other forces at work. it is interesting to see the close relationship investors gave with this listing and how to currencies are part of everyday life. equity investors were little more cautious. these are stocks that are associated with cryptocurrencies. blockchain-related stocks down significantly, really feeling the effects as coinbase slid throughout wednesday's session. with bitcoin in the green here, up 33% against the reference price of $250 per share. that is just one day, a snapshot. i am really interested to see how this is addressed long-term. interesting to see cathie wood

sees volatility on the rise and. is that the case or this -- volatility on the horizon. taylor: here's the good news. you kindly matched your time with my burgundy shirt. since we are matching, i will invite you back on my program. ed: it is the small details. taylor: and you can answer those questions about coinbase as the week progressives -- progresses. we have to get back to the big three of the day. what does coinbase's debut mean for the broader space? one start betting on them is lolli. this startup wants to reinvent the way consumers receive cash back on purchases. it allows them to receive bitcoin when they shop with online partner brands like nike, microsoft, along with over 1000 more. will consumers want to open up their minds and digital wallets as cryptocurrency becomes mainstream? let's ask lolli cofounder and ceo alexis oann -- ceo alex

adelman alongside alexis ohanian. you hear so much about how this has legitimized the crypto space. what happened today that changed the way you are thinking about your business and the rewards program with bitcoin? alex: the coinbase ipo was incredible for the space. it was a validator that you can create a cryptocurrency company, and you can make bitcoin more accessible to the world, and you can have real market value in something such as a centralized market such as the new york stock exchange. i think coinbase was great, the coinbase ipo what really well. it was above i think what many people expected. it did have a little bit of a dip, and the jay powell quote was really interesting. but if the government does not recognize cap the currency and thinks it is just a speculation,

the u.s. government is going to get left behind, and thus the u.s. people are going to get left behind. we need more companies like coinbase and lolli that are leading the way for mainstream adoption of bitcoin, not just being a speculative currency, but actually a currency that is being used by millions of people. taylor: big words there. alexis, do you agree? has this really legitimized a business that you believed in just a few years ago? alexis: very much so. i was very fortunate to have been among the earliest investors in coinbase something like eight or nine years ago. those were the early days of cryptocurrency. and we have seen two waves of adoption here. we have seen mining, we have seen buying, and i really believe earning is next. and that is the piece that lolli satisfies. look, it has now normalized

crypto as a publicly traded opportunity now with coinbase and something anyone with a smart and bank account can now get non-rem to. -- get an onramp to. not going to look like the portfolios of our parents and grandparents. that is why i think you are seeing a lot of increased adoption. now more and more institutions are going to find ways to use crypto as yet another part of a healthy and diverse portfolio. taylor: alex, let me come back to you. you just heard alexis mention it is not just bitcoin. this is so much more than that, it is other cryptos. how are you thinking with your platform that may be cash back rewards, or maybe in terms -- or so many other crypto's that have become legitimized. alex: bitcoin is the most important cryptocurrency in the world right now, one that has already proven its value to

society. i think like things like stable coins are starting to prove their value to society as being a more efficient medium of exchange. bitcoin is the best store of value over the past 10 years. that is undeniable. stable coins are going to make transactions on top of fiat rails way more efficient. i think merchants are tired of paying fees on every single transaction. they are tired of broad and not -- of fraud and not having an immutable currency like cryptocurrencies allow for. i think stable coins are going to usher in this next wave of adoption with more efficient payments. merchants, our merchants included, are going to adopt those stable coins to accept bitcoin more widely. and consumers should ultimately have the choice of whether they paid with bitcoin, whether they pay with stable coin, and they should opt into the currency of their choice.

whatever is more efficient and makes more sense for their needs. and merchants should be able to accept any currency that consumers are willing to pay with. taylor: alex, let me follow-up with you again that, because you mentioned consumers should be able to pay with whatever currency. just given the numbers on your platform, i know for example i use rakitin but it is cash back. have you found consumers have pivoted to your platform because they actually do want bitcoin versus cash? alex: absolutely. rakitin actually bought my last company, so we know them well. we, yeah, since we launched, bitcoin was at around $4000. now bitcoin is clearly at an all-time record high at $63,000. so effectively we are 10 times, 12 times better than rakitin at this point for many of our users. people want a currency that is

continuing to go up over time. i think they are tired of non-inflationary currencies. sorry, inflationary currencies. so they are looking for things like bitcoin that are better stores of value. so far they have been very happy with earning bitcoin overcash for their everyday currencies -- purchases. over the next few years as users start to get the choice to earn bitcoin as a sort of bitcoin being their savings account, and then they can use stable coins at their spending account, i think that would be the most efficient way of exchange for the perfect payment cycle. taylor: alexis, let me come to you. as an early investor in some of these companies, i am thinking coinbase the way it is changed to become really a different company and how we think about how crypto has changed so much. what are you looking for in terms of exit strategies or future growth opportunities, as

you really have your eye on some of these early sectors? alexis: well, a glaring one for me and the reason why lolli was such an obvious investment, crypto still remains the domain of predominantly men. half the population is women. when you look at consumer spending and just activity of dollars, you would be really, really naive to ignore half the population. so the reality here is there are lots of people who are actually getting on board with bitcoin for the first time via lolli because it's an on-ramp that doesn't require you to go through the hurdles of sinking all the things you have to sink. instead saying look, you are already buying online, you want to save money, do it in bitcoin instead of dollars. that is a valuable value -- i think that is a huge opportunity. because if we accept that

bitcoin and crypto is around to stay, it would be pretty naive did not be building products and services that are going to serve the entire population. taylor: fascinating. are women coming to you and telling you this is indeed the way they feel comfortable? alex: absolutely. we saw when we first started lolli that one of the biggest problems in crypto is it was reported that only 4% of all crypto users were female. and i wanted to share bitcoin with my mom, my sister, my friends, and i felt like in a lot of cases women are more risk-averse than men when it comes to investing. and so, if we can attach it to something which everybody does, which is a shop, that we can also create, or work with some amazing creators and athletes like serena williams, that speak to tens of millions of women every single day. we can reach more people with

this financially inclusive product like lolli, and we can make bitcoin more accessible to everybody, which is our core mission. taylor: fascinating. thank you to both. lolli's alex adelman, alexis ohanian, so great to have both of you on a day like today. you will have to come back. coming back, it's a city built on blockchain. it is one ceo's vision. it will have a new type of government entity and ultimately, quote, democratize democracy. our citylab segment is next. this is bloomberg. ♪ bloomberg. ♪

taylor: imagine a city not built by bonds, but by blockchain's. the blockchain ceo envisions it rising from the high desert in nevada. let's get more insight into what this 67,000 acre utopia it would look like and what that means. let's do it with laura bliss and our latest citylab segment. how does this work? laura: thank you so much for having me. this is a parcel of land in the northwest corner of nevada just outside of reno. the ceo of a company called blockchain, jeffrey burns, someone who is all about

cryptocurrency, the decentralized network-based technology listeners have been hearing about, including bitcoin. he envisions building a city that uses bitcoin and cryptocurrencies like it to allow for many of the functions that you find in a regular city, whether it is buying groceries, paying for gas, or paying sales tax. he envisions a city with more than 36,000 residents, 15,000 homes, and an economic output of $16 billion over the next 75 years. taylor: some of those photos we were showing were just incredible. what i love about this segment we get to do with you, i really got my start in muni bonds, this traditional way you build cities and roads and bridges, and you do economic development zones. i am reading this story and i see lo and behold there is an innovation zone. what would be in a blockchain innovation zone? laura: right.

that is one of the interesting pieces about this proposal, which is just a proposal right now. blockchain is very much hoping to build, but to do it, they say they would actually need a new kind of government entity. so they have written some draft legislation that is now circulating in the nevada state house to set up what are called innovation zones, which would basically allow any applicant from the private sector that is investing in emerging technologies let coin or -- like going or others to have a mixed-use community and gradually gaining control over schools and utilities and all the public services you would normally associate with a county. it sounds pretty off the wall but it is actually very highly supported by democratic governor steve sisolak in nevada. he sees it as a way to diversify the state's economy, especially after covid-19.

nevada has taken that hard this year. taylor: the governor on board. what about local leaders, because they represent the local people on the ground? laura: yeah. actually the county leaders were blockchain is owned are not on board. they are not interested in having arrival county government, which is essentially what this would be. but a ceo would say that it's necessary basically to be able to set up a new form of government that relies on blockchain from the ground up. i think there are other questions that get raised when you have a private company essentially taken the role of government. you might think about the 19th and early 20th century company towns, when we had timber companies and mining companies building and running towns like their own local government. in many of those cases you had these corporate residents who

did not always have the same kind of rights in production you would expect from a government. taylor: we will get you back to discuss this more maybe as it becomes reality. laura bliss, thank you for joining us. still ahead, the covid-19 will stay more than 90% effective after -- we hear from the moderna ceo next about when the booster shot might be available, and how they plan to meet rising demand. this is bloomberg. ♪ is bloomberg. ♪

taylor: after-hours review --

a panel of u.s. public health advisers concluded without vote, effectively extending his pa -- its pause. there's little movement in j&j in after-hours trading. all new york city had to reschedule about 4000 shots due to the j&j pause according to the health commissioner. the vast majority of new yorkers will keep the same appointment but received the 4 -- receive the pfizer or moderna vaccines instead. with increasing demand, how does moderna plan to deliver the supply? stephane: the current plan we are expecting come up to -- [indiscernible]

with the news evolving the last two weeks, we're reassessing. alix: have you been getting more requests or calls from other countries? stephane: governments around the world are scrambling. it's ramping up around the planet. i think people are worried. [indiscernible] alix: it looks like you have two things you have to work out. can you ramp up supply enough to have the doses needed, and on

the other hand you're dealing with what kind of efficacy you need for the booster shot, the variants. can you do both at the same time? stephane: yes we can and we are doing that. on the variants front, we're currently in a boost strategy. [indiscernible] we also have a very unique vaccine. [indiscernible]

alix: does that mean we can get this booster jab if we need it in the fall? stephane: that is the plan. best case scenario. regulators have given clear guidelines. we know what we need to do to get the boosts authorized. we are working towards getting those boost available for the fall. we are boosting in the fall and winter. alix: you talked a lot on your

investor day for vaccines about how it will be a pandemic. it will not go away. an epidemic, not a pandemic. when can we expect it to be part of our yearly thing? stephane: we are working that. we have a flu vaccine. we believe the flu market is not well addressed by the current vaccine. in a good year, it's 62%. i believe the world -- we want to busily combine those two -- [indiscernible]

taylor: that was the moderna ceo. that does it for this edition of "bloomberg technology." tomorrow, did big weston sits down with bank of america's brian moynihan at 5:00 p.m. following the bank's earnings. you do not want to miss it. this is bloomberg. ♪ s bloomberg. ♪

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in just 10 minutes a day. no expensive machines, no expensive memberships. get off the floor with aerotrainer. go to aerotrainer.com to get yours now. haidi: good morning and welcome to daybreak australia. shery: good evening from new york, i'm shery ahn. haidi: jp morgan and goldman sachs smashing estimates. a landmark moment for crypto.