Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Coinbase Posts $1.18B in Net Income for First Quarter of 2024

Coinbase Posts $1.18B in Net Income for First Quarter of 2024

CoineditionCoinedition2024/05/03 06:40
By:Anisha Pandey
  • 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 Coinbase shares climbing almost 9% on Thursday ahead of the report. Year-to-date, the stock has risen approximately 32%, building on a nearly fivefold increase in 2023. 

During the first quarter, the crypto market witnessed significant milestones, with Bitcoin reaching an all-time high above $73,000 in March, and Ethereum, the second-largest digital asset, undergoing its first major upgrade in over a year. 

The approval of new US spot bitcoin exchange-traded funds by the Securities and Exchange Commission (SEC) also attracted institutional investors, with many funds partnering with Coinbase as their custody partner. These funds collectively brought in more than $50 billion by the end of the first quarter.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

1MCHEEMSUSDT now launched for futures trading and trading bots

Bitget has launched 1MCHEEMSUSDT for futures trading with a maximum leverage of 20, along with support for futures trading bots, on November 25, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. 1MCHEEMSUSDT-M perpetual futures: Parameters Details

Bitget Announcement2024/11/25 09:01

Token listing: Instantly buy/sell BTC with EUR & BRL via cash conversion!

Bitget users can now instantly buy or sell BTC with EUR or BRL balances via cash conversion! Buy/Sell Crypto Tips: Enjoy a transaction fee rebate in USDT on your first cash conversion transaction! Additional perks >>> Flash Monday: Buy crypto with a credit/debit card for zero fees >>> Flash Thursda

Bitget Announcement2024/11/25 08:12

Orbiter Finance collaborates with the Ethereum Foundation and the University of California, Santa Barbara to enhance the security model of bridging p

Since its establishment in 2021, Orbiter has been deeply exploring security, aiming to become a reliable infrastructure in the cross-chain field.

Chaincatcher2024/11/25 07:55