Coinbase’s Q1 Revenue Skyrockets to $1.6 Billion Amid ETF Approvals: A 72% Surge Boosted by Crypto Market (COIN)
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- Coinbase, the largest U.S. crypto exchange, has released its Q1 2024 earnings report, posting a total revenue of $1.6 billion, a 72% increase quarter on quarter.
- The performance has been driven by the rising crypto asset prices and the launch of spot Bitcoin ETFs in the U.S. which further improved inflows into the market.
- Coinbase’s net income reached $1.18 billion, $4.40 per share, translating to $1 billion in adjusted EBITDA in Q1.
Coinbase’s Q1 2024 earnings report shows a significant increase in revenue, driven by rising crypto asset prices and the launch of spot Bitcoin ETFs in the U.S.
Coinbase Earnings Surged in Q1
Coinbase’s net income reached $1.18 billion, $4.40 per share, translating to $1 billion in adjusted EBITDA in Q1. Comparatively, the adjusted EBITDA, which shows earnings before tax, depreciation, interest, and amortization, was $977.5 million in 2023. The earnings report also showed that Coinbase attributed its net income partly to $737 million in pre-tax unrealized gains on crypto assets. The firm ended the quarter with $7.1 billion in capital, including $1.1 billion in net cash raised through the sale of 2030 convertible note... Read the full article for FREE at COINOTAG!
