Cryptocurrencies
Coinbase Quarterly Profit More Than Doubles 2020 Total
- Crypto firm posts preliminary results before direct listing
- Revenue in first quarter jumps to $1.8 billion on crypto surge
Coinbase office in San Francisco.
Photographer: Michael Short/BloombergThis article is for subscribers only.
A week before going public, Coinbase Global Inc. said it expects to report that first-quarter profit of $730 million to $800 million, more than double what it earned in all of 2020.
Coinbase, the largest U.S. cryptocurrency exchange, likely generated revenue of $1.8 billion in the first three months of the year, surpassing 2020’s annual total of $1.3 billion, the company said in a statement with its preliminary results. It had 56 million verified users in the quarter, with an average of just over 6 million users who transact monthly.