Coinbase, the major US cryptocurrency exchange, is going public shortly and has just reported very impressive quarterly figures.
The massive bitcoin (BTC) exchange reports on April 6 that the company has hit record sales of a whopping $ 1.8 billion in the first quarter of 2021.
In comparison, Coinbase had sales of only $ 190 million in the same quarter last year. That is of course because the corona virus broke out in the West in March last year and it caused a huge blow to all financial markets.
This year, the prices of bitcoin and other cryptocurrencies such as ethereum (ETH) have risen enormously. Coinbase also sold massive amounts of crypto to institutional investors through its over-the-counter (OTC) trading arm this year.
Furthermore, Coinbase reports that it has reached an estimated net profit of between $ 730 million and $ 800 million. Also, crypto exchange has reached a trading volume of $ 335 billion and the amount of assets on the platform has increased from $ 90 billion to $ 233 billion.
In addition, the number of active monthly users has increased by 1.3 million to 6.1 million. The trading platform now has a whopping 56 million verified users. The press release reports that the company plans to spend between $ 1.3 billion and $ 1.6 billion by 2021 on development and administrative costs.
Sam Bankman-Fried, CEO of Alameda and FTX, congratulates Coinbase for the impressive numbers and setting a "great precedent for crypto." For comparison, he posted the figures from his own FTX exchange.
Coinbase will be listed on the Nasdaq exchange on April 14. The stock is expected to be worth $ 300 to $ 375, for a total valuation towards $ 100 billion.