Coinbase revenues increase 9-fold from last year! Coinbase revenues skyrocketed due to the historic rally in the price of Bitcoin, according to the company on Tuesday.
Revenue jumped to about $1.8 billion from $190.6 million in the same quarter a year earlier. The results are preliminary and unaudited, admitted Coinbase. However, according to them, net income grew to $730 million and $800 million from $31.9 million a year ago. Coinbase also says that it has 56 million verified users.
Coinbase is poised to become the latest tech company with a massive valuation. They’ve capitalized on continuing growth in the sector despite economic struggles many have gone through due to the coronavirus pandemic. Private market trading has valued the company at $68 billion.
Coinbase said last week that the SEC approved the direct listing, which is anticipated for April 14th. The company has said that they plan to register nearly 115 million shares of Class A common stock, which will trade under the ticker symbol COIN. The issuing company of the direct listing will forgo selling new stock and instead allow existing stakeholders to sell their shares to new investors.
“We expect meaningful growth in 2021 driven by transaction and custody revenue given the increased institutional interest in the crypto asset class,” the company said in the release.
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