Coinbase reported an estimated $ 1.8 billion in total revenue for the first quarter of 2021.
That figure was included in Coinbase’s estimated financial results, released Tuesday afternoon. The figures correspond to the three months ending March 31, 2021.
Among the other estimated numbers: $ 335 billion in trading volume. That compares to the $ 89 billion volume it posted for the fourth quarter of 2020. Coinbase also reported net income of “approximately $ 730 million to $ 800 million” for the period.
Coinbase said it had an estimated 56 million verified customers and 6.1 million monthly transaction customers.
Coinbase also reported $ 223 billion in assets on the platform.
From the data, Coinbase said that “[t]This information is based on information available to the Company as of the date of this release and is subject to the completion of its quarterly financial close procedures and review by the Company’s independent registered public accounting firm. “
The financial results represent the last major step before its scheduled direct listing on April 14. Coinbase confirmed the date last week, as previously reported. Previous media reports indicated that Coinbase originally looked at a direct listing from March, but that goal was ultimately missed.
Tuesday’s release represents the latest look at Coinbase’s financial performance, following the wide-ranging disclosures contained in its S-1 registration statement released in February.
Among the data points at the time: $ 322.3 million in 2020 profit versus a loss of approximately $ 30 million in 2019.
Based on price data from the FTX crypto exchange for its pre-IPO contract, Coinbase’s current implied valuation is $ 121.7 billion, as shown in the daily chart below:
Earlier Tuesday, news broke that Coinbase is involved in a new Washington, DC-based lobbying organization focused on cryptocurrencies and digital assets. Square and Fidelity are also members of the organization.
Looking ahead to the remainder of 2021, Coinbase provided some estimates on where it could take you next year in terms of performance.
Perhaps most notably, Coinbase indicated that it can spend more than $ 1 billion over the course of 2021:
“Looking ahead to full year 2021, in order to scale our operations and continue to drive product innovation, we expect our technology and development expenses and our general and administrative expenses to be between $ 1.3 billion and $ 1.6 billion, excluding share-based compensation, in 2021. “
Coinbase also indicated that it will increase its marketing investment this year.
“Additionally, we plan to increase our historically strong organic growth with customer engagement and engagement by significantly increasing our investment in sales and marketing. We plan for sales and marketing to be between 12% and 15% of net revenue in 2021. By Finally, anticipate that transaction expenses will be low to medium adolescence as a percentage of net income in 2021, “said the firm.
Coinbase CFO Alesia Haas commented during Tuesday’s follow-up call that the company expects its average annual revenue per user to increase during 2021.
“Our average annual income per user (ARPU) ranges from $ 34 to 44 per month. The lower limit of that range occurred in 2018, and the upper limit of the range appeared in 2021. Our average annual income per user will likely exceed this range. in 2021, “he said.
This news is breaking news and will be updated periodically.
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