Coinbase Posts Record $1.8 Billion In Revenue

Cryptocurrency exchange Coinbase saw a whopping 117% quarter-over-quarter increase in monthly transacting users, the firm revealed Tuesday in its voluntary earnings report.

All those users helped Coinbase rake in $1.8 billion over the quarter, driving a net income of approximately $730 million to $800 million, according to a new filing that comes ahead of the companys Nasdaq listing next week.

All the numbers point to a business riding high as interest in cryptocurrency tracks upward with the price of bitcoin (BTC, -2.61%), ether (ETH, -1.55%) and other leading assets. Here are the quick facts:

• Active users on Coinbase jumped from 2.8 million in the fourth quarter of 2020 to 6.1 million in the first quarter of 2021.

• Verified users – or the total number of people with Coinbase accounts – increased from 43 million at the end of 2020 to 56 million at the end of Q1 2021.

• Trading volumes topped $335 billion in Q1. For all of 2020, trading volume was $193 billion.

• Total assets on Coinbase's platform increased from $90 billion to $223 billion, nearly a 150% increase quarter-over-quarter.

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