Coinbase Earned $ 1.8 Billion In The First Quarter

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Cryptocurrency exchange Coinbase has revealed its first quarter financials. Revenue was $ 1.8 billion, and net income is estimated at $ 730- $ 800 million.

Data: Coinbase.

The number of verified users rose to 56 million from 43 million in the fourth quarter of last year. The monthly number of active users reached 6.1 million.

More user base than Cash App from Square, Robinhood, Venmo and eToro.

This is the best quarter in the company’s history, which is a strong argument in favor of an expected capitalization of more than $ 100 billion after the direct listing, scheduled for April 14. Many observers think so.

The platform contains assets worth $ 223 billion – this is 11.3% of the capitalization of the entire market, the company calculated. Of this amount, $ 122 billion falls on institutions, Coinbase emphasized.

If we compare the site with the largest banks, then it would take 17th place in terms of assets in the United States.

Quarterly trading volume was $ 335 billion. Revenue fell to 0.56% of volume.

On April 1, the SEC approved the company’s S-1 application. According to the document, the exchange will place 114,850,769 shares. In the first quarter through March 15, the weighted average price of the paper in the secondary market was $ 343.58 on the Nasdaq Private Market.

In March, the company resolved claims by the CFTC for falsifying trading activity data between January 2015 and September 2018. The fine was $ 6.5 million. At that time, observers called this the main reason for the transfer of the direct listing to April.

Ahead of the historic event, Coinbase has hired former senior SEC official Brett Redfern and former top executive at investment bank Morgan Stanley Ian Rooney.

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