Coinbase Global Inc. profited quite well off of Bitcoin’s first quarter-rally, bringing in more earnings and revenue in the first three months of 2021 than it did in all of 2020.
The company, which provides a variety of financial services focused on bitcoin and other cryptocurrencies, released calculated results for the first quarter ahead of next week’s highly anticipated direct listing.
It expects to report net income between $730 million on revenue of $1.8 billion. By contrast, for all of 2020, the company earned $322 million on revenue of $1.3 billion.
Coinbase, which plans to list its shares publicly on Nasdaq beginning of April 14, would be the first main crypto company to go public. Its fortune is tied closely to the swings of the crypto market; it lists for trading about 50 cryptocurrencies besides bitcoin.