COINBASE INCREASED QUARTERLY NET PROFIT BY 50 TIMES


Coinbase Global Inc., the operator of the largest US cryptocurrency exchange, increased its net profit in the second quarter of 2021 by 50 times - to $ 1.6 billion from $ 32 million a year earlier.

 

Coinbase saved $ 737 million in tax revenue in the quarter, primarily through tax deductions for employee share option payments on a direct listing in April.

 

These are the first quarterly earnings that Coinbase has released as a public company. During the April direct listing on the Nasdaq, the cryptocurrency exchange received a valuation of $ 85.5 billion.

 

The company's quarterly revenue jumped to $ 2 billion from $ 178 million a year earlier and $ 1.6 billion in the first three months of this year. Experts surveyed by BluLife predicted Coinbase's average revenue of $ 1.8 billion.

 

Coinbase had 68 million authorized users at the end of the second quarter, up from 56 million at the end of the first quarter, with monthly active users growing 44% to 8.8 million.

 

Coinbase stated in a press release: "We saw high volatility in cryptocurrencies in the second quarter, which is expected because the crypto economy is still in its infancy." Tremendous influence. "

 

The bitcoin rate in April set a new record, rising above $ 64,000, and later fell sharply, its decline reached 45%. The cost of ether (Ethereum) in May rose to $ 4200, and then dropped to $ 1700.

 

The quarterly trading turnover of the cryptocurrency exchange in the second quarter increased by 38% compared to the previous quarter and amounted to $ 462 billion, of which $ 145 billion (+ 21%) came from retail investors and $ 317 billion (+ 47%) - from institutional investors.

 

Coinbase shares are up 2.7% in pre-trading on Wednesday. Over the past three months, their value has dropped by 5%.

 

 

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