Coinbase Stock Jumps After Second-Quarter Trade Volumes Power Earnings Beat

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Coinbase Stock Jumps After Second-Quarter Trade Volumes Power Earnings Beat

Thestreet2021-08-11

Coinbase Global (COIN) shares traded higher Wednesday after the cryptocurrency trading platform posted better-than-expected second quarter earnings and a surge in dealing volumes. A somewhat muted ...

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Around a quarter of that was down to bitcoin trading, the company said, but that figure is expected to slow over the summer as market volumes remain elevated and regulatory changes loom. Net revenues rose 1,100% from last year to $2 billion, Coinbase Global said.\n\"We don't try to get too excited about any particular quarter being up or down. We're always looking at the long-term trends about how are people using this new technology, how the crypto economy is growing and how is that eventually influencing our mission of creating more economic freedom in the world,\" CEO Brian Armstrong told investors on a conference call late Tuesday.\n\"We've always welcomed sensible regulation in this space. We basically just want to be treated on a level playing field with any other traditional financial services companies out there,\" Armstrong said. \"And I think unlike maybe some traditional tech companies that have waited for something bad to happen, then they reluctantly go engaged with the government, I think we view it as our role to go out there proactively before any issue comes up, be that educational resource and advise world leaders and finance ministers on how they can adapt their economies to capture the opportunity in front of the crypto economy.\"\nCoinbase Global shares were marked 4.6% higher in early trading to change hands at $282.15 each. The Nasdaq seta reference price of $250 a sharefor Coinbase Global's listing on April 14, with shares rising to a record $429.54 each in early debut trading.\nAt the peak of the session, Coinbase, founded in 2012, was valued the group at $112 billion, just shy of 150-year-old venerable Goldman Sachs Group (GS).\nRetail monthly transacting users, a key metric in tracking sustainable platform growth, was up 44% from the first quarter, Coinbase said, and more than 9,000 institutional clients are now using its crypto platform.\n\"With every passing quarter Coinbase is further solidifying its leading position relative to crypto and the emerging blockchain opportunity,\" said Canaccord Genuity analyst Joseph Vafi, who carries a 'buy' rating and a $325 price target on the stock.\n\"In our view, the long-term investment considerations relative to COIN remain attractive – as we believe in the future of cryptocurrencies, emergence of blockchain clouds/decentralized finance and entire ecosystems that likely emerge around these new markets,' he added \"We also remain positive about COIN’s ability to grow its user base at impressive rates and what this means for monetization beyond crypto.\"","kind":null,"is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":110,"commentSize":10,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}