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Nelson Wang is CoinDesk’s news editor for the East Coast. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.
Crypto exchange Coinbase (COIN) reported Q1 revenue of $773 million, exceeding analyst estimates of $655 million, according to FactSet, and up from Q4 revenue of $605 million.
Trading volume came in at $145 billion versus analyst estimates of $147.7 million for the quarter. Trading volume was roughly $146 billion in the fourth quarter.
Shares of Coinbase were up about 4% to $41.50 in after-hours trading Thursday. Shares are up about 40% this year alongside bitcoin’s rise of roughly 74% year to date.
“This is the fourth crypto cycle that Coinbase has been through and we’ve emerged stronger after each one,” Coinbase CEO Brian Armstrong said. “We’ve shifted the business to operate more efficiently in this down market driving positive adjusted EBITDA in Q1.”
Investors have been particularly interested in Coinbase’s recent unveiling of its derivatives exchange in Bermuda, which is part of the company’s expansion outside the U.S., because it could have a positive impact on revenues coming from fees. The initiative comes as regulators crack down on crypto companies in the U.S.
“America is in a position to lead in crypto and help update the global financial system,” Coinbase said in a letter to shareholders. “We need crypto specific rules, rather than regulation by enforcement, to help this innovative technology flourish and for America to maintain its leadership position.”
Coinbase is scheduled to have a call with analysts at 5:30 p.m. ET on Thursday.
This is a developing story and will be updated.
Edited by James Rubin.
UPDATE (May 4, 2023, 20:31 UTC): Adds Coinbase quotes.
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Nelson Wang is CoinDesk’s news editor for the East Coast. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.
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Nelson Wang is CoinDesk’s news editor for the East Coast. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.
