Coinbase Estimates First-Quarter Revenue Increase of 900% Ahead of Highly-Anticipated IPO
The company estimates that it brought in $1.8 billion USD in revenue in Q1.
Ahead of its NASDAQ initial public offering next week, cryptocurrency exchange platform Coinbase said on Tuesday that its revenue has jumped by roughly 900 percent over the first quarter of 2021.
In a press release, the company estimated the results of its first quarter earnings, which ended on March 31. It said that revenue for this period increased to $1.8 billion USD — a nine-fold jump from $190.6 USD in the same period last year, according to CNBC.
The company estimated a net income of approximately $730 million USD to $800 million USD for Q1 and said its number of verified users has grown to 56 million. The number of users that conduct transactions per month is 6.1 million.
Assets on the platform total $223 billion USD, representing an impressive 11.3 percent of the crypto asset market share. Notably, $112 billion USD of those assets come directly from institutions.
Elsewhere in business-related news, H&M is laying off more than 1,000 employees in Spain.
