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Illustration: Sarah Grillo/Axios

Cryptocurrency company Coinbase posted $1.8 billion in revenue for Q1 2021—more than it brought in for all of 2020, ahead of its direct listing next week.

Why it matters: Coinbase's public listing is hotly anticipated and seen by insiders as an event that will bring validation to the industry.

  • Coinbase's business is highly dependent on bitcoin and the cryptocurrency market at large, so it's no surprise that CFO Alesia Haas greatly emphasized during a short presentation on Tuesday how the company manages its revenue and expenses.

What they're saying: "To state the obvious, our business is hard to forecast," Haas said during the scripted comments, adding that it's largely because it can't predict the prices of bitcoin and other cryptocurrencies.

  • As such, the company forecasts multiple revenue and expense scenarios so it can be prepared. It also uses periods of high profits to build up its balance sheet and have reserves during so-called "crypto winters" when prices are down so it can continue investing in longer-term areas.
  • "We seek to roughly break even in terms of profitability over time," she added.

By the numbers:

  • Revenue: $1.8 billion revenue
  • Adjusted EBITDA: $1.1 billion
  • Net income: $730-800 million
  • Trading Volume: $335 billion
  • Verified users: 56 million
  • Monthly transacting users: 6.1 million

Go deeper: Coinbase's public debut brings crypto to Main Street

Go deeper

Kendall Baker, author of Sports
Apr 6, 2021 - Sports

Sacramento Kings to offer bitcoin as salary option

Illustration: Aïda Amer/Axios

The Sacramento Kings will become the first major sports franchise to offer a bitcoin payment option to all players and staff, Coindesk reports.

The backdrop: Russell Okung made headlines in December for becoming the first NFL player to convert some of his salary into bitcoin.

Clubhouse teams up with Stripe for payments feature

Illustration: Sarah Grillo/Axios

Clubhouse is rolling out the ability to send payments directly to other users, partnering with digital payment company Stripe to facilitate the feature.

Why it matters: Clubhouse has touted plans to help conversation hosts generate revenue on the app amid a growing push for creators of digital and social media content be better compensated. Hosts receiving money will get to keep the entire amount for now.

Federal judge says Florida ban on "sanctuary cities" racially motivated

Florida Gov. Ron DeSantis. Photo: Joe Raedle/Getty Images

A federal judge on Tuesday struck down parts of a Florida law aimed at banning local governments from establishing "sanctuary city" policies, arguing in part that the law is racially motivated and that it has the support of hate groups.

Why it matters: In a 110-page ruling issued Tuesday, U.S. District Judge Beth Bloom said the law — signed and championed by Gov. Ron DeSantis (R) — violates the Constitution's Equal Protection Clause because it was adopted with discriminatory motives.