During the first quarter of 2021, Coinbase has successfully managed to turn it into their best quarter in the entire history of the company. This news will most probably increase the share prices for the direct listing that is scheduled to take place on 4th April.
Coinbase posted their earnings for the 1st quarter of 2021 on 6th April, Tuesday. It showed that this crypto giant has made a staggering $730 to $800 million profit on their revenue that was nearly $1.8 billion.
As a result, the company registered a blockbuster quarter that has even eclipsed its own performance during the entire preceding year of 2020.
Historic Quarterly Earnings By Coinbase
The results indicated that the number of active users of Coinbase on a monthly basis has surged to almost 6.1 million. It is believed to further increase owing to the reason that the company is currently enjoying astounding success and popularity. In addition, the pending direct listing of the company on NASDAQ is expected to take place just 8 days later.
The ground-breaking performance of the first quarter will possibly drive the share prices higher that is presently sold at the average $343.58 price in the private transactions from January till March. This price has now reached a new all-time high right before the listing date on 14th April.
The results of the listing are likely to increase the expectation from Coinbase due to the reason that public listing is extremely crucial to the firm as well as for the entire cryptocurrency industry at large.
The gaudy earnings of Coinbase show their ability to make profits despite the failure of startups like DoorDash and Uber.
The Q1 earnings announced is their best estimate and they are yet to release their entire financial figure soon. The financial results were filed through S-1 regulatory for the 1st time.