As the value of bitcoin goes, so goes Coinbase.
Bitcoin hit an all-time excessive within the first quarter, and Coinbase reported its best-ever outcomes. The corporate made $1.18 billion in internet revenue on complete income of $1.64 billion. These are spectacular numbers, any method you take a look at them.
Transaction quantity on Coinbase peaked in March as bitcoin was hitting its all-time excessive.
However extra importantly, a number of bitcoin ETFs had been launched within the first quarter, and Coinbase is working with lots of them for custody companies. These funds introduced in $50 billion collectively within the first quarter.
Client and institutional transaction income grew 101% and 133%, respectively from the earlier quarter.
All the main points are within the Coinbase shareholder letter right here.
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