+21 C°
Traffic jam:   4

Coinbase reported record profits in first report as public company

14 May 2021
2 min.
Coinbase reported record profits in first report as public company

The company's first report

Coinbase shares rose after the company reported strong quarterly results amid rising bitcoin and other cryptocurrency prices. Coinbase said it will add Dogecoin to its platform within six to eight weeks.

Coinbase (COIN) shares rose 3.4% after the largest US cryptocurrency exchange posted huge revenue and profit growth on the back of incredible growth in bitcoin and other cryptocurrencies.

In its first financial report as a public company, Coinbase reported earnings per share of $3.05, totaling more than $771 million for the quarter, and that revenue was $1.8 billion, up from $191 million a year earlier and an analyst forecast of $1.81 billion.

Coinbase's revenues and profits are dependent on cryptocurrency prices and Coinbase's own digital currency, USD Coi, which is backed by dollars and its platform's trading volume.

Forecasts from Coinbase

Coinbase made an important announcement when it released the report, promising to add Dogecoin cryptocurrency to its platform within 6-8 weeks.

The cryptocurrency, initially launched as a joke, rose 26,000% in the last six months before falling after Elon Musk's words in which he called Dogecoin "vanity".

Coinbase did not give investors predictions on future earnings or earnings estimates, reiterating that a feature of its business is that it is "unpredictable in nature". However, the company expects an estimated 5.5 million to 9.0 million monthly active users throughout the year, depending on cryptocurrency prices.

Cryptocurrency exchange Coinbase went public via a direct listing on Nasdaq on 14 April. Compared to the price on the first day of trading, Coinbase shares were down 19.25% at the close of trading on Thursday.

Analysts say Coinbase is facing a significant increase in competition. However, Haas said the company "welcomes this" as it makes cryptocurrencies popular.

Major players entering the cryptocurrency trading and payment services market include PayPal (PYPL), Mastercard (MA), Goldman Sachs (GS) and Morgan Stanley (MS).

Companies such as MicroStrategy (its bitcoin assets were valued at more than $5bn as of 28 April), Tesla ($1.5bn), Square and others have made large bitcoin purchases.

Persons1 and Companies8 in the news

CEO of Tesla
1 place
1 place
2 place
3 place
4 place
5 place
6 place
Morgan Stanley
7 place
Goldman Sachs
8 place


Rating companies
68 Mention
67 Mention
64 Mention
56 Mention
Dow Jones
51 Mention
50 Mention
35 Mention


News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director