Fintech Nexus Newsletter (May 3, 2024): Coinbase reports a blowout first quarter

As the price of bitcoin goes, so goes Coinbase.

Bitcoin hit an all-time high in the first quarter, and Coinbase reported its best-ever results. The company made $1.18 billion in net income on total revenue of $1.64 billion. Those are impressive numbers, any way you look at them.

Transaction volume on Coinbase peaked in March as bitcoin was hitting its all-time high.

But more importantly, several bitcoin ETFs were launched in the first quarter, and Coinbase is working with many of them for custody services. These funds brought in $50 billion collectively in the first quarter.

Consumer and institutional transaction revenue grew 101% and 133%, respectively from the previous quarter.

All the details are in the Coinbase shareholder letter here.

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• Source: https://www.fintechnexus.com/fintech-nexus-newsletter-may-2-2024-coinbase-reports-a-blowout-first-quarter/