U.S.-based crypto exchange, Coinbase has reported its predicted financial results for Q1 2021, which was completed on 31 March 2021. The United-States bases exchange elucidated that it has over 56 million verified users. As per the official announcement, the platform’s total trading volume hit $335 billion in Q1 of 2021. Coinbase reported revenue of approximately $1.8 billion through the first three months of 2021. Moreover, the U.S.-based exchange also illustrated that the total crypto assets on its platform hit $223 billion, around $122 billion worth of digital assets from institutional clients.
Furthermore, Coinbase released a net income of over $730 million to $800 million. This displays a prominent surge compared to Q1 2020. Additionally, the adjusted EBITDA of Coinbase reached $1.1 billion through the Q1 of 2021. Claiming 56 million verified users, U.S.-based exchange, Coinbase’s CEO Alesia Haas recommended that active monthly users could climb to 7 million at most this year. However, he predicted this could descend to four million if a bear market functions this year.
Coinbase is investing majorly to acquire new consumers. After next week’s listing, Coinbase plans to grow its sales and marketing expenditure by 12%-15% of this year’s net revenue to drive a significant increase in 2021. Furthermore, the cryptocurrency exchange reached 6.1 million monthly transacting users (MTUs).
Coinbase to go Public on 14 April via Direct Listing
The U.S.-based exchange emphasized that the company expects the trading of its Class A stock to commence on 14 April. The company will register approximately 115 million shares of Class A common stock under the ticker symbol COIN. Moreover, with the direct listing, the exchange won’t be trading new stock and can only register existing stock, enabling prevailing stakeholders to sell their shares to new investors. Further, Coinbase has acquired several valuations ranging from $68 billion based on private market transactions to over $120 billion.
Moreover, according to recent reports, Coinbase Square and Fidelity have collaborated to better link with policymakers and regulators on the subject of crypto regulations. Named Crypto Council for Innovation (CCI), the group intends to facilitate constructive communications with governments and regulatory agencies about cryptocurrencies’ benefits. Furthermore, the CCI is the latest crypto-based lobbying attempt to emerge, with groups such as the Blockchain Association and Coin Center is also functioning toward sensible cryptocurrency regulations.