Coinbase Reports Incredible Quarter, But Valuations Remain Uncertain: What to Expect

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Crypto exchange giant Coinbase released its earnings for the first fiscal quarter of 2021 ahead of its direct listing on the Nasdaq on April 14. Its revenue skyrocketed to a record-setting $1.8 billion — singlehandedly topping all of last year’s revenue combined. The company attributed its parabolic growth and blowout earnings to Bitcoin’s red-hot rally. As the major cryptocurrency retests $60,000, its yearly return on investment (ROI) sits at 900% — an unprecedented level of growth for an asset class with a market capitalization over $1 trillion. “We have seen all time high crypto prices drive elevated levels of user activity and trading volume on our platform. We expect meaningful growth in 2021 driven by transaction and custody revenue given the increased institutional interest in the crypto asset class,” Coinbase CEO Alesia Haas said. Coinbase Exceeds Expectations in All Major Earnings Metrics With crypto being all the rage this year,…

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