Coinbase Global Inc. (NASDAQ: COIN) opened more than 5% in the stock market on Friday after reporting its first quarterly results as a public company. The stock, however, lost all intraday gain later on.
Coinbase posted revenue of $ 1.8 billion (1.28 billion pounds) and earnings of $ 771.51 million (547.75 million pounds) ($ 3.05 per share or 2.17 pounds per share) in the first quarter. The figures were almost in line with what investors expected. In the previous quarter (the fourth), the Wilmington-based company had posted revenue of $ 585 million (£ 415.34 million).
Looking for quick news, tips, and market analysis? Sign up for the Invezz newsletter today.
The cryptocurrency firm now has 56 million verified users after monthly transaction users (MTUS) surged more than 100% in the first quarter to 6.1 million. For the current quarter, Coinbase forecasts that users will increase by as much as 9 million.
CFO Alesia Haas’ Comments on Kramer’s Mad Money
Commenting on the need for regulation, Coinbase CFO Alesia Haas said of Jim Kramer’s Mad Money:
“We have relied on regulations since our founding. We like to partner with regulators. We want a level playing field and we adopt regulation. We believe that it is a benefit to our business and not a burden.
Haas also highlighted that the platform’s users are primarily interested in Bitcoin. But interest in other crypto assets is gradually piling up as well. Kramer also questioned the CFO about competition concerns, as various financial companies, including bigwigs like PayPal, Visa, and Mastercard, begin to penetrate the cryptocurrency market, to which Haas responded:
“We welcome you. Three years ago, when we were the only cryptocurrency company, we were a bit lonely, and now that we see most fintechs embracing cryptocurrencies and big financial services players, it really says that cryptocurrencies have arrived, as if this is is becoming more common this is here to stay, but it is evolving.
Also on Friday, Coinbase announced that it has decided to list Dogecoin on its platform.
Coinbase’s performance in the stock market
Coinbase Global Inc. was listed on the Nasdaq Stock Exchange last month at a price per share of $ 328.28 (233.07 pounds). The cryptocurrency exchange hit a year-to-date low of $ 256.76 per share (£ 182.29 per share) last week after sliding from a high of $ 342 per share (£ 242.81 per share) in mid-March. April. As of this writing, Coinbase is valued at $ 53.6 billion (£ 38.05 billion) and has a price / earnings ratio of 420.07.