Coinbase reported an estimated total revenue of $ 1.8 billion for the first quarter of 2021.
This figure is included in Coinbase’s estimated financial results, which were published on Tuesday afternoon. The figures set off the three months to 31 March 2021.
Among the other estimated numbers: $ 335 billion in trading volume. That compares with the $ 89 billion volume it offered for the fourth quarter of 2020. Coinbase also reported net income of approximately $ 730 million to $ 800 million for the period.
Coinbase said there are an estimated 56 million verified customers and 6.1 million monthly transactions
Coinbase also reported $ 223 billion in assets on the platform.
From the data, Coinbase said that ‘[t]its information is based on information available to the company on the date of this release and is subject to the completion of the quarterly financial closing procedures and review by the company’s independent registered public accounting firm. ‘
The financial results are the last major step ahead of the expected direct listing on 14 April. Coinbase confirmed the date last week, as previously reported. Earlier media reports indicated that Coinbase originally intended a direct listing of March, but that the target was eventually missed.
Tuesday’s release represents the latest look at Coinbase’s financial performance, following the comprehensive disclosure in its S-1 registration statement released in February.
Among the data points at the time: $ 322.3 million in 2020 gains versus a loss of about $ 30 million in 2019.
Based on price data from crypto exchange FTX for its pre-IPO contract, Coinbase’s current implied valuation is $ 121.7 billion, as shown in the daily chart below:
Earlier Tuesday, news broke that Coinbase is a participant in a new Washington-based lobbying organization focusing on cryptocurrencies and digital assets. Square and Fidelity are also members of the organization.
2021 outlook
Looking ahead to the rest of 2021, Coinbase has provided some estimates on where the next year’s performance may be.
Perhaps most importantly, Coinbase has indicated that it could spend more than $ 1 billion over 2021:
“With a view to the full year 2021, to expand our operations and to continue innovating products, we expect our technology and development costs and our general and administrative expenses to be between $ 1.3 billion and $ 1,” 6 billion, excluding share-based payments, in 2021. “
Coinbase has also indicated that it will increase its marketing spending this year.
“In addition, we plan to increase our historically strong organic growth in customer acquisition and engagement by significantly increasing our investment in sales and marketing. We plan to increase sales and marketing between 12% and 15% of net revenue by 2021. “Expect transaction costs in the low to mid teens in 2021 to be a percentage of net revenue,” the firm said.
Alesia Haas, CFO of Coinbase, noted during the follow-up call that the company expects its annual average revenue per user to increase during 2021.
“Our average annual revenue per user (ARPU) ranges from $ 34 – 44 per month. The low end of the range occurred in 2018, and the high end of the range appeared in 2021. Our annual average revenue per user is likely to exceeds this range in 2021, ‘she said.
This news is breaking and will be updated from time to time.
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