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Cryptocurrency News Articles
Coinbase Posts Stellar Q1 Amidst Market Upturn and ETF Expansion
May 03, 2024 at 05:49 am
Coinbase reported a robust Q1 2024, driven by market recovery and the introduction of Bitcoin ETFs. Total revenue surged to $1.6 billion, yielding $1.2 billion in net income and $1 billion in adjusted EBITDA. Consumer transactions revenue grew 99% to $935 million, while institutional transactions jumped 133% to $85 million. Coinbase Prime witnessed a 105% surge in trading volume, and custodial services revenue increased by 64%. The exchange closed the quarter with $7.1 billion in capital and $171 billion in assets under custody.
Coinbase Reports Robust First Quarter Earnings Amidst Market Recovery and ETF Rollout
By [Insert Journalist Name]
[City, Date] - Cryptocurrency exchange Coinbase has announced a surge in its first-quarter 2024 financial performance, bolstered by improved market conditions and the introduction of Bitcoin exchange-traded funds (ETFs).
Revenue and Earnings Surge
Coinbase generated total revenue of $1.6 billion and a net income of $1.2 billion during the first quarter, reflecting a significant improvement from the previous year. Adjusted EBITDA, a measure of a company's earnings before certain expenses, reached $1 billion, surpassing $977.5 million reported in 2023.
The company attributed its increased net income to pre-tax unrealized gains of approximately $737 million on crypto assets. As of the quarter-end, Coinbase held $7.1 billion in capital, including $1.1 billion in net cash raised through convertible note sales.
Increased Liabilities
Total liabilities also rose compared to the previous year, increasing from $200.7 million in Q1 2023 to $339.9 million in Q1 2024.
Transaction Growth
Revenue from consumer transactions soared by 99% quarter-over-quarter to $935 million. Trading volume surged by 93% to $56 billion, exceeding the 91% growth rate observed in the United States spot market during the same period.
Institutional transactions witnessed a notable increase as well, with revenue climbing by 133% to $85 million. Coinbase Prime, the platform dedicated to institutional clients, experienced a 105% surge in trading volume to $256 billion, outperforming the U.S. spot market.
"Coinbase Prime achieved record highs in trading volume and active clients during the first quarter," the company noted in its earnings release. "The introduction of bitcoin ETFs, coupled with favorable market conditions, ignited customer engagement and expanded our robust product suite." Approximately 40% of institutional clients reportedly interacted with at least three Coinbase products during the quarter.
Custodial Services Boost
Revenue from custodial services grew by an impressive 64% to $32 million, attributed primarily to rising crypto asset prices and income generated from Bitcoin ETFs. Coinbase's custodial services cater to eight out of the 11 recently launched BTC funds. Assets under custody at the exchange totaled $171 billion at the end of the quarter.
Positive Outlook
Coinbase's strong financial performance in the first quarter of 2024 signals a positive trend for the cryptocurrency industry. The recovery in market conditions and the increasing adoption of ETFs have supported the exchange's growth and profitability. The company's strategy of expanding its product offerings, particularly for institutional clients, is poised to drive further success in the future.
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- USD Index Key to Bitcoin's Potential 127% Surge, Says Analyst
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- US Dollar Index Holds Key to Bitcoin Price Surge, Analyst Predicts 127% Rally Acclaimed financial analyst Jamie Coutts from Real Vision has asserted t
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- CoinGeek AMA Highlights Blockchain Innovations Ahead of London Conference
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- Chainlink Poised for Surge as Technical Analysis Reveals Bullish Momentum
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