The cryptocurrency market’s infamous volatility played in Coinbase Global Inc (NASDAQ:COIN)’s favour in the last quarter.
Nasdaq-listed Coinbase reported net revenues totalling $1.59 billion for the quarter ended March 31, 2024, compared to $736.4 million for the same period last year.
This significant growth was driven by increases in both transaction and subscription and services revenue alongside bitcoin’s 58% rally in the reporting period.
Net income came to $1.18 billion, a notable turnaround from a net loss of $78.9 million in the previous year.
As usual, bitcoin brought in the lion’s share of trading volumes at 33%, with Ethereum contributing 13% and the Tether stablecoin adding 11%.
Coinbase underlined three main priorities going forward: “First we plan to drive revenue growth by expanding our transaction and stablecoin revenue streams. This will involve international expansion and deeper integration of USDC into the cryptoeconomy.
“Second, we plan to enhance the utility of crypto by promoting the use of stablecoins and supporting developers on our Base platform.
“Lastly, we plan to continue to work towards achieving regulatory clarity for the industry. Overall, the first quarter of 2024 was highly productive, and we remain dedicated to our mission of increasing economic freedom worldwide.”
Indicative of the unpredictable nature of the crypto markets, Coinbase shares dipped 3% post-market despite the buoyant results, reflecting the recent downturn in spot bitcoin prices.