Coinbase says first-quarter sales topped $1 billion

Dow Jones2021-04-07

Cryptocurrency platform Coinbase Global Inc. revealed late Tuesday preliminary first-quarter revenue that topped $1 billion, surpassing revenue for all of last year, and a quarterly profit that approached $1 billion.

Coinbase , which is expected to debut on equity markets next week, released preliminary results for the January-March period and also guidance for the full year 2021.

The company said it had 56 million verified users in the first quarter and an 11.3% market share of the cryptocurrencies market. First-quarter trading volume reached $335 billion, and quarterly revenue rose to about $1.8 billion, Coinbase said.

Net income for the quarter was between $730 million and $800 million, and adjusted EBITDA around $1.1 billion, the company said.

Coinbase filed to become public through a direct listing in February , showing a profit and 2020 revenue of $1.3 billion, more than double the company's 2019 revenue. It swung to a net income of $322.3 million in 2020, versus a loss of $30.4 million for 2019.

The company plans to list on the Nasdaq under the ticker COIN.

Coinbase guided for a full-year 2021 average monthly transacting users of 7 million in the higher end, 5.5 million in a mid-range scenario assuming a flat cryptocurrencies market, and 4 million in a low-end scenario incorporating a "significant decrease in crypto market capitalization, similar to the decrease observed in 2018."

"We expect meaningful growth in 2021 driven by transaction and custody revenue given the increased institutional interest in the crypto asset class," Coinbase said.

It guided for expenses around $1.3 billion and $1.6 billion in the year "in order to scale our operations and to continue to drive product innovation," it said. Coinbase also estimated one-off expenses around $35 million in the second quarter related to its direct listing.

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Comments

  • Noxology
    2021-04-07
    Noxology
    IPOs involve selling stocks to fund houses first, then on IPO day they'd sell it to retail investors at a premium after hyping the stock up through their media channels. After the price goes up as retail investors rush in, the fund houses would dump the stock and buy again on dips. That's why go for DPO and not IPO. 
  • WilliamQuan
    2021-04-07
    WilliamQuan
    I still haven't figure out what's the point of crypto other than burning environment
  • tangtkh
    2021-04-07
    tangtkh
    Crpyto is big. Coinbase ipo shld be good.Like and comment pls 
    • rDj
      Pls respond to this. Thx
  • Alex96
    2021-04-07
    Alex96
    Let see what will happens 
  • IceColdFist
    2021-04-07
    IceColdFist
    [財迷] [財迷] [財迷] 
  • Boo2bear
    2021-04-07
    Boo2bear
    Crypto! Like n comment pls
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