Coinbase Global Inc. took full advantage of the first quarter rally of bitcoin, bringing more gains and revenues in the first three months of 2021 than it did in the whole of 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 highly anticipated direct listing.
It is expected to report net revenues of between $ 730 million and $ 800 million on revenue of $ 1.8 billion. Instead, for the entire 2020, the company earned $ 322 million in revenue of $ 1.3 billion.
Coinbase, which intends to list its shares publicly on the Nasdaq from April 14, would be the first major cryptocurrency company to go public. His assets are closely linked to fluctuations in the cryptographic market; lists for trading about 50 cryptocurrencies in addition to bitcoin.
In the first quarter, Bitcoin amplified the manic rally of 2020. The price doubled, exceeding over $ 61,000. A number of other cryptocurrencies, such as ether, have suddenly grown, amid growing demand and public interest not only in digital money, but also in artwork with their unique tokens, known as non-fungible tokens or NFTs.