Coinbase Net Income: Exchange Surpasses 2023 with $1.2B in Net Income in the Q1

Crypto News – The introduction of Bitcoin ETFs and an improvement in market performance have helped cryptocurrency exchange Coinbase report a significant comeback in the first quarter of 2024.

Coinbase Net Income: Exchange Surpasses 2023 with $1.2B in Net Income in the Q1

In the first quarter, the exchange reported $1.6 billion in total revenue and $1.2 billion in net income. It also achieved $1 billion in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization). The adjusted EBITDA for Coinbase was $977.5 million in 2023.

Coinbase reported that $737 million in pre-tax unrealized gains on cryptocurrency assets contributed to its net income in the company’s earnings release. With $1.1 billion in net cash raised from the issuance of 2030 convertible notes, the company concluded the quarter with $7.1 billion in capital. From $200.7 million in the first quarter of 2023 to $339.9 million in the first quarter of 2024, total liabilities rose.

Coinbase Prime’s Trading Volume Increased 105%

A 133% increase in revenue was generated by institutional transactions during the quarter, totaling $85 million. In addition to surpassing the U.S. spot market, the exchange reports that trading volume on Coinbase Prime, its platform for institutional clients, increased by 105% to $256 billion.

Our institutional platform, Coinbase Prime, hit all-time highs in trading volume and the number of active clients in Q1. […] The bitcoin ETFs – combined with strong market conditions in Q1 – unlocked a flywheel of customer engagement across this more robust product suite. In fact, nearly 40% of institutional clients engaged with at least 3 products in Q1.

Coinbase