Coinbase reports an estimated $1.8 billion in total revenue for Q1 2021

Coinbase reported an estimated $1.8 billion in total revenue for the first quarter of 2021.

That figure was included in Coinbase’s estimated financial results, published on Tuesday afternoon. The figures accounted for the three months ending March 31, 2021.

Among the other estimated numbers: $335 billion in trading volume. That’s compared to the $89 billion in volume it posted for Q4 2020. Coinbase also reported net income of "approximately $730 million to $800 million" for the period.

Coinbase also said it had an estimated 56 million verified customers, 6.1 million monthly transacting customers, and $223 billion in assets on platform.

Of the data, Coinbase said that "[t]his information is based on information available to the Company as of the date of this release and is subject to the completion of its quarterly financial closing procedures and review by the Company’s independent registered public accounting firm

The financial results represent the last major step before its expected direct listing on April 14. Coinbase confirmed the date last week, as previously reported. Earlier media reports indicated that Coinbase originally eyed a March direct listing but that target was ultimately missed.

Tuesday’s release represents the latest look at Coinbase’s financial performance, following the wide-ranging disclosures contained in its S-1 registration statement made public in February. 

Among the data points at the time: $322.3 million in 2020 profits versus a roughly $30 million loss 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 graph below:

Earlier Tuesday, news emerged that Coinbase is a participant in a new Washington, D.C.-based lobbying organization focused on cryptocurrencies and digital assets. Square and Fidelity are also members of the organization. 

This news is breaking and will be updated periodically.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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