Coinbase earnings in Q1 2021

Cryptocurrency exchange Coinbase estimated its revenues for the first quarter of 2021 at $ 1.8 billion, and profits at $ 730 – 800 million.

The growth of indicators compared to the previous quarter is 207.6% and 312.9%, respectively. The details were released ahead of Coinbase’s planned listing on the stock market, which is expected to take place on Wednesday, April 14th.

During the reporting period, the trading volume on Coinbase amounted to $ 335 billion. For comparison, in the fourth quarter of 2020 it was equal to $ 89 billion. Coinbase estimates the number of verified clients at 53 million, and monthly active clients – at 6.1 million. 13 million and 3.3 million, respectively. The volume of assets on the platform is $ 223 billion, of which $ 122 billion is associated with institutional investors.

The exchange notes that it publishes the information prior to its verification by an independent auditing company, which will be carried out later before the preparation of the final version of the quarterly documentation. Coinbase first publicly disclosed its financials in a listing application at the end of February.

“As I expected, their first quarter earnings surpassed all of 2020,” said Larry Cermak, an analyst at The Block. The rally came amid the continued rally in bitcoin and the broader cryptocurrency market to new highs in the first quarter.

The strong financial results are expected to have a positive impact on Coinbase shares following their listing on the Nasdaq. Currently, on the FTX crypto derivatives exchange, preliminary contracts for Coinbase shares are quoted at a price of $ 487.09, which implies a capitalization of $ 121.7 billion.According to the results of trading on a closed market, experts predicted that Coinbase’s capitalization could be about $ 90 billion.

As a reminder, Coinbase will go public on April 14.

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Karice Dabule

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