Coinbase Posts $1.18B in Net Income for First Quarter of 2024
- Coinbase reported a total revenue of $1.64 billion with a net income of $1.18 billion.
- The company also reported consumer transaction revenue of $935 million.
- Subscription and service revenue contributed $511 million for Q1, 2024.
Coinbase, the largest digital asset trading platform in the United States by trading volume, reported net income of $1.18 billion, or $4.40 per share, compared to a year-ago loss of $78.9 million, or 34 cents a share.
On the other hand, the company reported its first profit in two years in February, when the price of Bitcoin (BTC) started to climb. The notable increase in net income was partly attributed to a $650 million mark-to-market gain on crypto assets held for investment, following the adoption of updated accounting standards by the company.
In terms of revenue, Coinbase saw a substantial surge in consumer transaction revenue, reaching $935 million for the quarter, more than doubling from the same period last year, according to CNBC. Total transaction revenue nearly tripled to $1.08 billion, with subscription and services revenue contributing $511 million for the quarter.
Investors reacted positively to the news, with …
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