Coinbase has announced impressive first quarter results one week before the exchange’s direct listing on the Nasdaq, estimating that trading volume is up 276% and quarterly revenue has hit $1.8 billion.
The bountiful revenue, revealed in the company’s Q1 earnings call, dwarf its $190 million revenue from the same time last year with the company attributing a portion of this explosive growth to Bitcoin’s bull market.
The U.S exchange estimated net income between $730 million and $800 million and an EBIDTA of approximately $1.1 billion.
The bull market has also seen monthly active users grow to more than six million users, up from 1.3 million in the first quarter, with crypto assets on the platform rising 1200% year-on-year from $17 billion to $223 billion.
The U.S.-based exchange’s CEO Alesia Haas said:
“We have seen all time high crypto prices drive elevated levels of user activity and trading volume on our platform.”
Boasting 56 million verified users, Haas suggested that active monthly users could