The US-based cryptocurrency exchange, Coinbase released its estimated financial results for the first quarter, which ended March 31 2021. The US-based crypto company mentioned that it has more than 56 million verified users. According to the announcement, the exchange’s total trading volume reached $335 billion in Q1 of 2021. The cryptocurrency exchange reported a revenue of nearly $1.8 billion during the first three months of 2021.
Total cryptocurrency assets on Coinbase reached $223 billion.
Crypto exchange Coinbase mentioned that the total cryptocurrency assets on its platform reached $223 billion, which is around 11% of the total market cap of digital currencies. The number includes around $122 billion worth of digital assets from institutional clients. In addition, the company reported a net income of approximately $730 million to $800 million, a significant jump compared to Q1 of 2020. The adjusted EBITDA of Coinbase touched $1.1 billion during the first quarter of 2021. Commenting on the cryptocurrency price cycles, Coinbase mentioned that it would create long-term value throughout the price cycles.
The exchange is expecting the trading of its Class A stock to start on April 14.
As reported earlier, crypto exchange Coinbase is expecting the trading of its Class A stock to start on April 14. The crypto firm will go public via a direct listing on Nasdaq. The exchange announced that it anticipates it will be listed as a Class A stock, which usually means it has more benefits when it comes to voting rights, dividends, and other aspects. The San Francisco-based crypto exchange has been conducting private sales of shares in the weeks prior to this post, which led to a staggering $90 billion valuation. No shares are sold in advance in a direct listing, as is the case with an initial public offering (IPO).