Coinbase Global Inc. benefited enormously from the first quarter rally of Bitcoin, achieving more revenue and revenue during the first three months of 2021 than throughout 2020.
The company, which offers a variety of financial services focused on bitcoin and other cryptocurrencies, released the estimated results for the first quarter ahead of next week’s expected direct quote.
It expects to report net income of between $ 730 million and $ 800 million in revenue of $ 1.8 billion. By contrast, throughout 2020, the company earned $ 322 million with revenue of $ 1.3 billion.
Coinbase, which plans to list its shares publicly on the Nasdaq starting April 14, would be the first major cryptocurrency company to go public. Their fortunes are closely tied to changes in the crypto market; includes trading about 50 cryptocurrencies in addition to bitcoin.
In the first quarter, Bitcoin expanded the manic rally of 2020. The price doubled, topping $ 61,000. Some other cryptocurrencies, such as ether, also rose sharply amid demand and public interest not only in digital money, but also in works of art with their own unique tokens, known as non-fungible tokens or NFTs. .