Coinbase rides the crypto boom to hit over US$1 billion in revenue

Follow us on Google News:
 Coinbase rides the crypto boom to hit over US$1 billion in revenue
Image source: Bitcoin BTC on stack of cryptocurrencies with Coinbase logo in background. © Thakingdude | Megapixl.


  • Coinbase revenue jumped about 10 times during the March quarter, fuelled by the surge in digital asset prices.
  • The crypto firm clocked US$ 5 million in profit during the quarter.
  • Coinbase added about 13 million new users to its platform.

Coinbase Global Inc (NASDAQ:COIN), a US-based holding company for an cryptocurrency exchange platform by the same name, has reported 9.45 times jump in its revenue as it surged past the $US1 billion-mark in quarterly revenue.

The company reported US$1.8 billion in total revenue for the quarter ended March 2021, skyrocketing from US$190 million it had clocked in the corresponding quarter last year. The surge in the revenue was triggered by the massive spike in the cryptocurrency prices during the quarter.

The trading volume on the platform stood at US$335 billion during the quarter under consideration – an 11x spike from US$30 billion in the first quarter of last financial year.

The company also clocked a net profit of US$771.5 million during the quarter, up 24 times from US$31.97 million clocked in the corresponding period last year.

During the quarter, the company added about 13 million new users on its platform – taking the tally of users to 56 million. This includes about 8,000 institutions, and over 134,000 ecosystem partners.

As the Coinbase recorded profit, it also added a caution note to the investors on the headwinds coming from the increasing competition, which they believe “are supporting certain crypto assets that are experiencing large trading volume and growth in market capitalization that we do not currently support, as well as offering new products and services that we do not offer.”

Last month, Coinbase went for direct listing, and opened at US$381 apiece and was briefly valued at US$100 billion. Coinbase is the first cryptocurrency exchange to be listed in the world.

As on Thursday, the company’s shares had closed 6.53% down in New York.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK