Published: 2021-08-11 23:48:27
One of the leading crypto exchanges in the world, Coinbase, reports a revenue of $2.23b. What is interesting is that this comes as a surprise even for Coinbase themselves. As a matter of fact, the company expected to net roughly $1.78b, and the amount of $2.23b is a total surprise. We can easily say that this news is somewhat expected. That is especially evident if you know that since 2020, Coinbase’s profit is up by more than 4.900%. This amount results in Coinbase getting a whopping $1.6b net profit.
To break things down, the high Coinbase revenue is due to the 3.45 per shares price. The company expected the shares to go at $2.33, yet the surge of new users seems to greatly influence these numbers. More specifically, there are now 8.8 million users on Coinbase. This is 44% more in comparison with Q1. Consequently, the trading volume is also up 38%, or up to $462m.
Just to give you a perspective, even while bitcoin prices went down during the quarter, Coinbase still netted $2b revenue. Out of these $2b, $1.9b are from transactions, while the additional 100m are from extra services and subscriptions. However, the prices drop in bitcoin also resulted in 15% less bitcoin trading volume for the company. Or from 39% in Q1 to 24% in Q2.
Whatever the case, a survey by Refinitiv suggests that Coinbase shares will only go up. Specifically, up to 7.76 per share. This can potentially result in a revenue of 6.29m by the end of the year.
We can say that Coinbase’s revenue of $2.23b is somewhat expected. Especially since back in April Coinbase was for a brief moment valued at $100b. This resulted in Coinbase shares opening at $381 per share. Consequently, resulting in one of the more significant achievements by a crypto-company, ever.
For updates and exclusive offers, enter your e-mail below.
Cookie | Duration | Description |
---|---|---|
cookielawinfo-checkbox-analytics | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics". |
cookielawinfo-checkbox-functional | 11 months | The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". |
cookielawinfo-checkbox-necessary | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary". |
cookielawinfo-checkbox-others | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. |
cookielawinfo-checkbox-performance | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance". |
viewed_cookie_policy | 11 months | The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data. |