US-based crypto exchange heavyweight Coinbase has reportedly experienced a major surge in terms of revenue for the first business quarter of this year, a three-fold increase of Q4 2020’s figures.
Specifically detailed in papers submitted to the US SEC, Coinbase reportedly managed to reach earnings of $3.05 for every share, with the overall revenue hitting $1.8 billion. Nonetheless, there is still a slight distance to its initial target of $3.07 for each share.
By contrast, the firm reportedly secured $585 million, revenue-wise, during the time where Bitcoin is achieving its record-breaking high, throughout the fourth quarter of last year, and just $191 million in Q1 in 2019.
Around 94% of Coinbase’s by-quarter net revenue is reportedly generated from virtual asset trading fees.
Coinbase’s net profits reportedly also witnessed an incline, with figures in the company’s report revealing profits of $771 million – a quadruple increase of its earnings, in comparison with the previous quarter, and a growth of 24 times yearly.
Trading volume on the exchange approximately climbed up three times compared to 2020 Q4, with Coinbase’s active users increasing twice in size, from 2.8 million to 6.1 million.
“It is important for investors to remember that our business is inherently unpredictable.”
However, the firm is reportedly leaving the door open for predictions of its hosting a figure that falls somewhere between 5.5 million and 9 million every month in terms of active users, throughout the whole of 2021.
Coinbase additionally disclosed plans to finalize the listing of the popular meme-coin Dogecoin within the next eight weeks or so, and to amp up the processing speed of its platform, to facilitate new listings in the future.