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Coinbase’s Active Users Spiked 117%, Sending Q1 2021 Revenue To A Whopping $1.8B

Telling prospective investors that your cryptocurrency exchange made an insane $1.8 billion during the first three months of the year is certainly an optimal way of marketing your company just days before its Nasdaq listing.

Coinbase exchange released its first quarter results on Tuesday, noting that it raked in profits in excess of millions in Q1 2021. The blockbuster earnings are largely due to the parabolic rise of the underlying crypto industry.

Coinbase Posted Record Profits And Revenue In Q1 Ahead Of Its IPO

To say that Coinbase had a stellar first quarter performance would be an understatement.

According to a report on Tuesday, Coinbase’s user base increased by a staggering 117% from 2.8 million in Q4 2020 to 6.1 million in Q1 2021 quarter. As a result, the exchange’s revenue ballooned to $1.8 billion over the three-month period ending March 31, netting a profit of roughly $740 million to $800 million.

Additionally, Coinbase’s total assets surged from $90 billion to $223 billion during a single quarter; $122 billion of those assets originated from institutional investors.

The announced Q1 results come just days before Coinbase’s public listing on Wednesday, April 14. After a promising quarter, the price of the exchange’s shares could easily soar from the $343.58 a piece estimated from the period between January and March.

What To Expect For The Rest Of 2021

Currently, Coinbase admits that high volatility remains the Achilles heel of the crypto market, but the firm plans to do its best even when prices drop.

“This revenue unpredictability, in turn, impacts our profitability on a quarter-to-quarter …
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