A week after the highly anticipated IPO, Coinbase was expecting a first-quarter profit of between $ 730 million and $ 800 million after the crypto exchange, more than double what it was last year.
In his statement on the preliminary results, the crypto exchange pioneer reported that he expected sales of $ 1.8 billion in the first quarter of 2021, surpassing the previous year’s total of $ 1.3 billion.
For the first quarter of 2021, Coinbase currently expects the following for the three months ended March 31, 2021:
- Verified users of 56 million
- Monthly transaction users (MTUs) of 6.1 million
- Assets on Platform of $ 223 billion, representing an 11.3% market share in crypto assets, including $ 122 billion of Institutional Assets on Platform
- Trading volume of $ 335 billion
- Total sales of approximately $ 1.8 billion
- Net income of approximately $ 730 million to $ 800 million
- Adjusted EBITDA of approximately $ 1.1 billion
The crypto exchange currently has around 56 million verified users in the first quarter of 2021, taking into account that Coinbase is currently not available to residents of the largest African crypto market (Nigeria).
Coinbase also operates a crypto custody business for institutional investors and plans to debut on Nasdaq on April 14th, the first of its kind for a major crypto exchange.
The crypto exchange was founded about a decade ago and allows its customers to buy and sell cryptos like Bitcoin, Ethereum and Polkadot. The crypto exchange had previously raised over $ 540 million in funding as a private company. The current market value is around 90 billion US dollars.
A footnote says: “In May 2020 we became a remote first company. Accordingly, we do not have a headquarters. “
The following is cited as a risk factor: “The identification of Satoshi Nakamoto, the pseudonymous person or people who developed Bitcoin, or the transfer of Satoshi’s Bitcoins.”
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