Coinbase, often referred to as the "first cryptocurrency stock," released its first quarterly earnings report since going public. The company reported a net profit of $771 million**, marking a **4X increase** from the previous quarter's $177 million and a 24X year-over-year growth**.
During the earnings call, CEO Brian Armstrong revealed that Coinbase plans to list Dogecoin (DOGE) soon.
Key Financial Highlights
- Earnings Per Share (EPS): $3.05 (slightly below analyst expectations of $3.07).
- Revenue Sources: 94% of net revenue came from cryptocurrency trading fees.
- User Growth: Active users increased by 120% in Q1.
- Trading Volume: Surged 2X compared to the previous quarter.
- Total Revenue: Jumped from $585 million** in Q4 to **$1.8 billion in Q1.
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Expansion Plans
Coinbase aims to accelerate its asset-listing process, with Dogecoin expected to be available within 6–8 weeks. CFO Alesia Haas emphasized the need for faster innovation:
"Our progress has been slow. We need to add more assets quickly. We're investing heavily to improve listing speed."
Haas also outlined plans to expand financial services, including:
- Traditional offerings (credit cards, loans, savings accounts).
- Crypto-backed services (staking assets, governance tokens).
"Crypto will enable transaction models we can’t even imagine today."
Market Reaction
Despite strong earnings, Coinbase’s stock (COIN) has dropped ~30% since its April 14 direct listing. It closed at $265.10 on Thursday, down 6.53%, with a slight after-hours recovery.
Analyst Warnings
Boris Schlossberg, Director of FX Strategy at BK Asset Management, cautioned about a potential "summer crash" for cryptocurrencies, noting:
"This party will end. If crypto collapses, Coinbase is among the easiest stocks to short."
FAQs
Q: When will Dogecoin be listed on Coinbase?
A: Within 6–8 weeks, pending final approvals.
Q: What drove Coinbase’s Q1 profit surge?
A: A 120% increase in users and 2X higher trading volume, fueled by crypto market trends.
Q: How much of Coinbase’s revenue comes from fees?
A: 94%, primarily from trading commissions.
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Disclaimer: This article is for informational purposes only. It does not constitute investment advice. Investors should conduct their own research before trading.
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