Coinbase

Coinbase Records $1.8 billion in revenue for Q1 2021

In anticipation of its direct listing, Coinbase reported a staggering record for its first-quarter earnings this year. The exchange raked in $1.8 billion in the first three months of 2021. This was revealed on Tuesday after the firm declared that it made about $800 million in net profit.

In retrospect, the leading exchange has had an outstanding performance in the last one year. Contrasting its first-quarter revenue to that of last year’s $190.6 million, that’s about a 900% spike over one year. This is largely due to the increasing interest of institutional clients in cryptocurrency.

The assets under management (AUM) of Coinbase rose from $90 billion to $223 billion in the first quarter. Based on the report, investments from their institutional investors account for roughly $122 billion of the AUM.

The active users on the platform have also surged by 117%, up from 2.8 million last year December. Also, Coinbase’s trading volume has soared by over 1000% from $30 billion in Q1 2020 to about $335 billion in Q1 2021.

Furthermore, the number of verified users have increased to 56 million this first-quarter – about 65% spike from last year’s record. The company is expected to experience immense growth this year, with the heightened interest in crypto.

Coinbase’s Direct Listing: What to Expect

The company’s IPO is scheduled for April 7 and will trade on Nasdaq under the ticker COIN. In an interview with Forbes, Olaf Carlson-Wee believes the market cap of Coinbase will touch $100 billion very soon. Currently, the valuation of the exchange sits at $70 billion.

Coinbase will go through a direct listing by selling 114.9 million shares directly to the public. Following the outstanding first-quarter performance, the price per share could soar to $343.58 – based on estimates.

Total
0
Shares
Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts