Coinbase reports Q1 earnings: net income of $1.6 billion 90% from retail transactions

A quick look at Coinbase’s Q1 2021 earnings report.

On May 14, 2021, Coinbase released its Q1 2021 earnings report, its first post-IPO earnings report. Golden Finance reporter takes a quick look at Coinbase’s Q1 2021 earnings report.

Coinbase’s key financial data are as follows.

Total revenue for the first quarter was $1.801 billion, up about eight times year-over-year; net income for the first quarter was $1.597 billion, up 7.9 times year-over-year; and net income for the first quarter was $771 million, a 23-fold jump year-over-year.

Of the $1.597 billion in net income in the first quarter, trading revenue was $1.54 billion and subscription and service revenue was $56.4 million, with trading revenue accounting for a whopping 96%. And of the trading revenue, a whopping $1.455 billion, or 94%, came from retail investors, far outpacing trading revenue from institutions.

Coibbase currently has over 56 million verified users, including 8,000 institutions and over 134,000 ecosystem partners. retail Monthly Transacting Users grew to 6.1 million in Q1 2021, double the number in Q4 2020.

Coinbase’s total transaction volume for the quarter was $335 billion, of which approximately $120 billion was in retail transactions and $215 billion was in institutional transactions. Bitcoin and ethereum together accounted for 60% of the transaction volume, 39% and 21% respectively, while other cryptocurrencies accounted for 40% of the transaction volume.

As of March 31, 2021, total crypto assets on the Coinbase platform were $223 billion, or 11.3% of total cryptocurrency market capitalization, of which $122 billion were held by institutions and $101 billion were held by retail investors. 62% of the $223 billion in crypto assets were BTC, 14% were ETH, 21% were other crypto assets, and 3% were fiat assets.

Posted by:CoinYuppie,Reprinted with attribution to:
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