This site (120bTC.coM): US-compliant exchange Coinbase generated revenue of US$1.6 billion in the first quarter of 2024, an increase of 112% from the same period last year. Net profit exceeded US$1.1 billion. Coinbase itself recognized a gain of US$650 million in value-added this quarter due to investment in the crypto assets it holds, and its stock price remained stable above US$200.
Trading revenue surged, revenue reached $1.6 billion in the first quarter
Coinbase generated $1.6 billion in revenue in the first quarter of 2024, an increase of 112% from the same period last year. Among them, International Exchange (International) contributed 17% of revenue.
Consumer transaction revenue in the first quarter was US$935 million, a quarterly increase of 99%. Consumer transaction volume in the first quarter was $56 billion, up 93% quarter-over-quarter. Consumer transactions saw broad-based growth in the first quarter, including the growth of new users, a resurgence in transaction activity for customers acquired before 2023, and each An increase in the average transaction volume of users. This revenue is the main source of profit for Coinbase.
Stable currency revenue was US$197 million, a quarterly increase of 15%. The main driving factor is the increase in the market value of USDC (that is, the total amount of USDC in circulation).
Custody fee income was US$32 million, an increase of 64% from the previous quarter. The main driver of growth is rising crypto asset prices. In addition, Coinbase’s role as the custodian of eight Bitcoin spot ETFs also helps. It ended the first quarter with $171 billion in assets under custody.
Coinbase holds 9,000 BTC and 90,000 ETH
According to previous reports, Coinbase’s own crypto assets include Bitcoin, Ethereum and SOL, etc., include crypto assets and related collateral held for long-term investment, held and borrowed for operational purposes.
As of 3/31, long-term investment holdings include:
Bitcoin: 9,183 pieces, with a cost of US$29,450
Ether coins: 96,086, cost is US$1,982
The above is the detailed content of Coinbase financial report: First quarter net profit exceeds US$1.1 billion! Holds 9,000 BTC and 90,000 ETH. For more information, please follow other related articles on the PHP Chinese website!