Coinbase and Roblox have great mind share

Fibo Quantum

Roblox’s CEO David Baszucki flexing  presenting (Source: Ian Tuttle / Getty Images)

Crypto exchange Coinbase (listing date TBD) and gaming platform Roblox (listing on March 10) have highly anticipated upcoming public market debuts via direct listings.

Roblox was valued at $29.5B in a January funding round, while Coinbase has traded above $100B in private secondary market transactions.

Compared to recent hot tech names, both of these startups have spent much less on sales and marketing expenses (as a % of revenue) per CNBC:

  • Coinbase = 4%
  • Roblox = 6%
  • Airbnb = 22%
  • Unity = 25%
  • DoorDash = 32%
  • Palantir = 42%
  • Wish = 64%
  • Snowflake = 79%

Such low spend — particularly in lead-up to a public listing — suggests that both startups are growing organically.

And if you need a good historical analog: Google only spent 6% of revenue on sales and marketing before its 2004 IPO.

NOTE: We’ll be writing more on Coinbase later this week; you can find our previous piece on Roblox here.