Home Stock Market Coinbase said sales for the first quarter reached $ 1 billion

Coinbase said sales for the first quarter reached $ 1 billion


Cryptocurrency platform Coinbase Global Inc. revealed preliminary first quarter sales at the end of Tuesday hit $ 1 billion, outperforming last year’s sales and quarterly profits reaching nearly $ 1 billion.

Coinbase
COIN,
+ 3.70%
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Expected to be released on the stock market next week, releasing preliminary results for the January-March period and also a guide for the year 2021.

The company says it has 56 million verified users in the first quarter and holds 11.3% market share of the cryptocurrency market. Trading volume in the first quarter reached $ 335 billion, and quarterly revenue has grown to around $ 1.8 billion, Coinbase said.

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

Coinbase Submitted to become public via a direct listing in February, which shows 2020 profits and revenues of $ 1.3 billion, more than double the company’s 2019 revenue. It achieved a net income of $ 322.3 million in 2020, compared with a loss of $ 30.4 million for 2019.

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

Coinbase instructed users to have an average monthly transaction over the year 2021 of 7 million at the higher level, 5.5 million in the mid-range scenario assuming a flat crypto market, and 4 million in the low-end scenario. incorporates “a significant decline in market cap cryptocurrencies, similar to the one observed in 2018”

“We expect meaningful growth in 2021 thanks to transaction and custody revenue due to a growing institutional interest in crypto assets,” said Coinbase.

It drives spending around $ 1.3 billion and $ 1.6 billion over the year “to scale up our operations and continue to drive product innovation,” it said. Coinbase also estimates a one-off cost of around $ 35 million in the second quarter in relation to the direct listing.

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