May 13, 2021 - Economy

Cryptocurrency company Coinbase posts record Q1 revenue

Illustration of gold coins with binary code and the letter "C" against a backdrop of a stock chart

Illustration: Sarah Grillo/Axios

Thanks to quarterly estimates it released last month, Coinbase's biggest news on Thursday wasn't its record revenue ($1.8 billion, more than all of 2020), but its announcement it plans to list Dogecoin on its exchange in the next six to eight weeks.

Why it matters: The digital token has made waves recently thanks to its prominence in social-media driven investing — and in Tesla CEO Elon Musk's tweets and jokes.

The big picture: Coinbase's business is very much tethered to the cryptocurrency market, enabling it to greatly benefit from the recent skyrocketing of token prices.

  • Yes, but: CFO Alesia Haas warned that while high cryptocurrency prices usually lead to more trading (and therefore more fees and revenue for companies like Coinbase), it's not a guarantee and the company will continue to be thoughtful with its finances.

By the numbers:

  • Revenue: $1.8 billion
  • Earnings per share: $3.05
  • Net income: $771.5 million
  • Trading volume: $335 billion
  • Verified users: 56 million
  • Monthly transacting users: 6.1 million
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