As stated in Coinbase's letter to shareholders, "All in, Q1 was a highly productive start to 2024 for Coinbase and we remain as focused as ever on our mission of increasing economic freedom in the world."
Crypto exchange Coinbase has reported a staggering surge in revenue for the first quarter of 2024, surpassing expectations in its Q1 earnings.
According to the financial report released by the company, Coinbase has beaten market expectations by 22%. It registered $1.64B in revenue compared to the market expectation of $1.34B in its first-quarter report. The revenues were up by almost 117% compared to $736 million in the same period in 2023.
The earnings per share stood at $4.40, marking a significant increase of over 300% above the average market estimate of $1.09. Coinbase noted that transaction revenue was a key income source for the exchange, with the amount gained from consumer transaction revenue alone climbing to $935 million.
Coinbase's success in the first quarter came amidst a broader revival in crypto trading, fueled partly by the launch of new Bitcoin (BTC) ETFs in January.