Coinbase’s first quarter sales reached an all-time high of $180 million ahead of the NASDAQ listing.
According to Cointelegraph, a cryptocurrency media outlet on the 7th, Coinbase reported sales of $1.8 billion in the first quarter of this year’s earnings announcement, which was released a week before NASDAQ listing.
Coinbase announced impressive first-quarter results a week ahead of its direct listing on the NASDAQ, with transaction volumes increasing by 276% and estimated quarterly sales of $1.8 billion.
The wealthy profits revealed in the company’s 1Q earnings release are better than the $190 million level last year. Coinbase believes that part of this explosive growth is due to the bull market of Bitcoin (BTC).
Coinbase estimates that net profit will be between $730 million and $800 million, and EBIDTA (profit before taxes and interest payments) will reach about $1.1 billion.
Due to bull market momentum, the number of active users per month increased from 1.3 million to more than 6 million in the first quarter, and the platform’s cryptocurrency assets increased from $17 billion to $223 billion, up 1200% year-on-year.
“We’ve always seen high cryptocurrency prices increase user activity and transaction volumes on the platform,” said Alesia Haas, Chief Financial Officer of Coinbase, headquartered in the United States.
Haas boasts 56 million verified users on the exchange and warns that if the bear market hits this year, it could drop to 4 million, but predicted that this year, the monthly active users could increase to up to 7 million.
Meanwhile, CoinBay is spending a lot of money to acquire new customers. Following the listing next week, the company plans to increase its sales and marketing spending to 12-15% of this year’s net profit in order to drive’significant growth in 2021′.