🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Crypto volatility plays into Coinbase’s favour in first quarter

Published 03/05/2024, 09:31
Updated 03/05/2024, 09:40
Crypto volatility plays into Coinbase’s favour in first quarter
COIN
-

Proactive Investors - The cryptocurrency market’s infamous volatility played in Coinbase Global Inc (NASDAQ:COIN)’s favour in the last quarter.

Nasdaq-listed Coinbase reported net revenues totalling $1.59 billion for the quarter ended March 31, 2024, compared to $736.4 million for the same period last year.

This significant growth was driven by increases in both transaction revenue and subscription and services revenue alongside bitcoin’s 58% rally in the reporting period.

Net income came to $1.18 billion, a notable turnaround from a net loss of $78.9 million in the previous year.

As usual, bitcoin brought in the lion’s share of trading volumes at 33%, with Ethereum contributing 13% and the Tether stablecoin adding 11%.

Coinbase underlined three main priorities going forward: “First we plan to drive revenue growth by expanding our transaction and stablecoin revenue streams. This will involve international expansion and deeper integration of USDC into the cryptoeconomy.

“Second, we plan to enhance the utility of crypto by promoting the use of stablecoins and supporting developers on our Base platform.

“Lastly, we plan to continue to work towards achieving regulatory clarity for the industry. Overall, the first quarter of 2024 was highly productive, and we remain dedicated to our mission of increasing economic freedom worldwide.”

Indicative of the unpredictable nature of the crypto markets, Coinbase shares dipped 3% post market despite the buoyant results, reflecting the recent downturn in spot bitcoin prices.

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.