Coinbase had a really good start as it reported its first-quarter earnings report and that led to an almost 9% increase in its stocks, currently trading at $228.85.
Coinbase made $1.6 billion in total revenue and $1.2 billion in profit during the first three months. That’s a big jump from last year, when EBITDA was $977.5 million. Their earnings were boosted by $737 million in unrealized gains on crypto assets.
Brian Armstrong, Co-Founder and CEO: “Q1 was a very strong quarter. We generated more Adjusted EBITDA than we did all of last year. Keeping our cost structure low while continuing to innovate is really paying off. To kick off today’s call, I wanted to provide a progress update on the 2024 priorities that I shared on our Q4 call.”
By the end of March, they had $7.1 billion in capital, with $1.1 billion raised from selling some notes. However, their total debts went up from $200.7 million to $339.9 million compared to last year.
By the close of the quarter, the company held $7.1 billion in capital, including, $1.1 billion from the sale of 2030 convertible notes. Total liabilities rose from $200.7 million in Q1 2023 to $339.9 million in 2024.
Coinbase’s stellar first-quarter performance showcases robust revenue and profit growth, driven by substantial unrealized gains on crypto assets. Brian Armstrong’s strategic focus on cost efficiency and innovation is evidently paying dividends, evidenced by surpassing last year’s adjusted EBITDA. Despite increased debt, their solid capital position bodes well for future growth and stability.
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