Coinbase, the largest U.S.-based cryptocurrency exchange, released an estimate of the company’s financial results for Q1, reporting a trading volume of $335 billion. Finance Magnates says, citing the official announcement from the company, that the reported revenue of the crypto exchange is almost $1.8 billion.
Coinbase is the third-largest cryptocurrency exchange on CoinMarketCap.com by liquidity, traffic, and trading volumes. According to Finance Magnates, the financial results also show that the company’s net income in Q1 is around $730-800 million. Moreover, the number of verified users on the exchange in Q1 is over 56 million.
In the announcement, Coinbase also gave predictions on monthly transacting users (MTUs) in 2021. The company expects the number of MTUs to continue growing to 7 million if the crypto market cap keeps increasing. With the crypto market cap remaining flat, Coinbase expects an average of 5.5 million MTUs. Moreover, with the crypto market cap decreasing significantly, it expects a “low” average of 4 million MTUs.
Coinbase will be going public via a direct listing on April 14 on the Nasdaq stock exchange. It will be trading under the ticker COIN, CNBC reports. Initially, the listing was supposed to happen in March but was delayed until April. After the publication of the financial results, investment bank DA Davidson increased its price target for the company shares ahead of direct listing by 125%.