The marketplace publishes financials ahead of the April 14 listing of its shares on the Nasdaq.
Coinbase had $ 1.8 billion in revenue for the first quarter of 2021 and $ 730 million to $ 800 million in profit, according to data released ahead of its Nasdaq listing on April 14 next week. For the entire 2020, Coinbase's profit was $ 322.3 million, so for the first quarter of 2021 the exchange made a profit about 2.5 times more than in the entire previous year.
In the first quarter of this year, the trading volume on Coinbase reached $ 335 billion, while in the fourth quarter of 2020 it was only $ 89 billion. According to the exchange, it now has 53 million verified clients and 6.1 million active users. Since the previous reporting period, the indicators have grown by 32.5% and 118%, respectively. The volume of assets on the site is $ 233 billion, of which $ 122 billion are attributed to institutional investors.
Coinbase Class A Common Shares will begin trading on the NASDAQ under the ticker “COIN”. The marketplace will be the world's first public crypto exchange. Back in January of this year, the company began selling shares to a limited circle of investors on the Nasdaq Private Markets platform in order to determine the price for the placement. In February, the value of Coinbase shares reached $ 373, which raised the company's valuation to $ 100 billion.However, in March, Nasdaq estimated the company's value at $ 77 billion.
Coinbase was founded in 2012 in San Francisco by Brian Armstrong, Fred Ersam, and Ben Reeves. Reeves later left the team due to disagreements over how the crypto exchange should work. Prior to founding Coinbase, Armstrong worked as a chief engineer at Airbnb, and Ersam was a trader at Goldman Sachs. In the summer of 2012, Ersam and Armstrong participated in the Y Combinator program, and in the fall of the same year, they launched services for buying and selling bitcoins using bank transfers.