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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

This is why Coinbase $1.8B Q1 earnings are bullish for Bitcoin

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Bitcoin BTC

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Within a week of its IPO, Bitcoin and crypto exchange Coinbase has generated great hype. Its earnings report for Q1 2021 could have an impact that will be felt throughout the crypto market.

Coinbase Will go public on April 14th, after some controversy. The exchange’s estimated valuation sits at $100 billion and will resale up to 114 million Class A common shares under the ticker COIN.

Per their report, the exchange has generated $1.8B in revenue during their first quarter of 2021. In addition, it registers a $730 to $800 million in net income (up 312%), a traded volume of $335 billion (up 272%), and $223 billion in assets on the platform.

One key data is their number of active users, which is up by over 10 million in comparison with 2020’s numbers, which stand at 56 million. This is bigger than Venmo, Cash App, eToro, and Robinhood, as reported by stock analyst John Street Capital.

In contrast, with over 15 years of operations, PayPal has around 360 million active users. The analyst believes COIN could generate even more revenue than some of the most prestigious institutional trading platforms like the Chicago Mercantile Exchange, Nasdaq, amongst others. He added:

Incumbents can no longer ignore this. The BoD’s of $SCHW $IBKR $MS (as a result of the $ETFC acquisition) and Fidelity (even though they are private) have to add crypto trading at this point it’s almost a violation of their fiduciary duty to s/h not to.

Coinbase Q1 earnings effect on Bitcoin

Investment banker Ellie Frost has explained how the report’s effect may have been “underestimated”. Frost believes that once brokerages get a hold of Coinbase earnings, the exchange will “crush” their expectations.

This will be another reason why institutions won’t be able to continue ignoring the crypto market, as John Capital also claimed. It could also be a tool to benefit the entire market, in order to remove “prejudices” against the industry. Frost said:

Traditional finance can no longer put their fingers in their ears and yell that “Bitcoin isn’t real” when you have a public company pulling in ~$2B in revenue every quarter.

Predicting a sustained increase for Coinbase over the next quarter, Frost believes that institutions will rush to take a stake on Coinbase and the cryptomarket. As a result, fresh capital will drive BTC’s price. Frost added:

Then they’re going to do the same thing again in Q2 and Q3 and Q4. Even if you’re not a fan of Coinbase, their quarterly earnings will be huge in flipping the mindset of traditional finance and investors, causing major waves for Bitcoin.

The report has received the praise of many in the crypto market. FTX exchange CEO Sam Bankman-Fried claimed the financial stamen is “impressive” and called it a “huge step for the industry. He added:

(…) kudos to Coinbase for waiting to go public until they were consistently profitable and at least somewhat projectable.  That’s better than many listings. And it’s a great precedent for crypto.

BTC is trading at $58,245 with small losses in the 24-hour chart. On the weekly chart, BTC still has some gains with a positive 1.1%.

Bitcoin BTC Coinbase
BTC showing losses in the 24-hour chart. Source: BTCUSD Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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