Coinbase publishes monster first quarter results ahead of direct listing


Cryptocurrency company Coinbase posted $ 1.8 billion in revenue for the first quarter of 2021, more than it made in all of 2020, before its direct listing next week.

Because it is important: The Coinbase public listing is highly anticipated and viewed by experts as an event that will bring validation to the industry.

  • Coinbase’s business relies heavily on bitcoin and the cryptocurrency market in general, so it’s no surprise that CFO Alesia Haas heavily highlighted during a short presentation Tuesday how the company manages its income and expenses. .

What they are saying: “To state the obvious, our business is difficult to forecast,” Haas said during the written comments, adding that it is largely because he cannot predict the prices of bitcoin and other cryptocurrencies.

  • As such, the company forecasts multiple income and expense scenarios so you can be prepared. It also uses high-profit periods to build its balance sheet and hold reserves during so-called “crypto winters” when prices drop so it can keep investing in longer-term areas.
  • “We seek to achieve a rough balance in terms of profitability over time,” he added.

By the numbers:

  • Income: $ 1.8 billion in revenue
  • Adjusted EBITDA: $ 1.1 billion
  • Net income: $ 730-800 million
  • Trade volume: $ 335 billion
  • Verified users: 56 million
  • Users who carry out monthly transactions: 6.1 million

Go deeper: Coinbase’s public debut brings cryptocurrencies to Main Street

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