Coinbase’s Q1 Revenue Soars 9-Fold to $1.8 Billion Ahead of IPO on Nasdaq
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Coinbase has announced its earnings estimates for the first quarter of 2021. The company says its estimated revenue for the period is nine times more than the amount generated in the same period last year. In addition, the crypto platform says it has 56 million verified users and a total trading volume of $335 billion.
Coinbase’s Q1 Revenue Increases 9-Fold
Cryptocurrency exchange operator Coinbase Global announced its first quarter estimated results and full year 2021 outlook on Tuesday, ahead of the company’s initial public offering (IPO) on Nasdaq next week.
For the first quarter ended March 31, Coinbase expects total revenue of approximately $1.8 billion, which is more than nine times the $190.6 million revenue generated in the same quarter last year. In addition, the company expects its net income to be approximately $730 million to $800 million, up from $31.9 million a year ago.
Coinbase also expects a total trading volume of $335 billion during the same period with total assets on the platform of $223 billion, representing an 11.3% crypto asset market share. This includes $122 billion of assets from institutions.
Commenting on his company’s userbase, Coinbase CEO Brian Armstrong said during the Q1 earnings call on Tuesday: “We announced 56 million verified users for Q1 of 2021. We often talk about our addressable market as anyone with a smartphone, which is 3.5 billion people today and growing.” Moreover, Coinbase says it has Monthly Transacting Users (MTUs) of 6.1 million.
Armstrong added: “Coinbase will ultimately strive to support every legitimate cryptocurrency in the market. In Q1 alone, we added support for 18 new assets, bringing the number of unique assets supported on our platform to 108. For comparison, this is up from over 40 assets at the end of 2019 and 90 assets at the end of 2020.”
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