Coinbase FY24Q1 Latest Financial Report

• Revenue: Revenue reached $1.64 billion in the first quarter, a year-on-year increase of 113%, exceeding the expected $1.34 billion.

• Net Income: With the support of $0.737 billion in unrealized gains from holding cryptocurrency assets, the net income reached $1.18 billion, compared to a loss of $78.9 million in the same period last year.

• Consumer Trading Revenue: $0.935 billion for this quarter, a year-on-year growth of over 100%, being the main source of revenue.

• Total Trading Revenue: Reaching $1.08 billion, almost twice the amount in the same period last year.

Business development

• Subscription and service revenue: reached $0.511 billion this quarter. Among them, custody revenue reached $32.3 million, almost doubling.

• Other revenue: including interest, recorded $49.89 million in the first quarter, up 38% year-on-year.

Market dynamics

• Bitcoin ETF issuer custody service: Coinbase provides services to 8 out of 11, stimulating a large number of institutional investors to enter the market and raising over $50 billion in funds.

• Coinbase Prime: The trading volume in the first quarter reached a record high of 312 billion times, with a year-on-year increase of 115% in trading volume, and revenue surged to $85.4 million.

Market Performance

• Cryptocurrency market dynamics: In the first quarter, the volatility closely related to cryptocurrency trading volume increased by 12%, and the total market value of cryptocurrency increased by 94%.

• Market share: Coinbase's trading volume in the USA market increased by 78% in the first quarter, with a slight increase in market share.

Overall, Coinbase showed a strong growth momentum in the first quarter of 2024, especially in terms of trading volume and custody services. The company's market position has been strengthened, benefiting from the successful launch of cryptocurrency ETFs and favorable market conditions.