Ahead of its Nasdaq Listing Coinbase’s first quarter revenue hits record $1.8B

Ahead of its Nasdaq Listing Coinbase's first quarter revenue hits record $1.8B

Estimating that the volume is up 276% and quarterly revenue has hit 1.8 billion, Coinbase has announced impressive first quarter results one week before the exchange’s direct listing on Nasdaq.

However, with the company attributing a portion of its explosive growth to Bitcoin’s Bull market, the bountiful revenue showed in the company’s Q1 earning call, dwarf its $190 million revenue from the same time last year.

Net income between $730 million and $800 million and an EBIDTA of approximately $1.1 billion has been estimated by the U.S exchange.

The bull market has also seen monthly active users grow to more than six million users, up from 1.3 million in the first quarter, with crypto assets on the platform rising 1200% year-on-year from $17 billion to $223 billion.

The U.S.-based exchange’s CEO Alesia Haas said:

“We have seen all time high crypto prices drive elevated levels of user activity and trading volume on our platform.

Boasting 56 million verified users, Haas suggested that active monthly users could rise to seven million at most this year, although he warned this could drop to four million if a bear market hits this year.

The company is spending big to acquire new customers. Following next week’s listing, Coinbase intends to increase its sales and marketing expenditure to between 12% and 15% of this year’s net revenue in an effort to drive “meaningful growth in 2021.”

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