Coinbase reports estimated total revenue of $ 1.8 billion for the first quarter of 2021

Coinbase reported an estimated total revenue of $ 1.8 billion in the first quarter of 2021.

That figure was included in Coinbase’s estimated financial results, published Tuesday afternoon. The figures represent the three months ended March 31, 2021.

Among the other estimated numbers: US $ 335 billion in turnover. This is compared to the $ 89 billion in volume released for the fourth quarter of 2020. Coinbase also reported a net profit of “approximately $ 730 million to $ 800 million” in the period.

Coinbase said it has an estimated 56 million verified customers and 6.1 million monthly customers on transactions

Coinbase also reported $ 223 billion in assets on the platform.

Of the data, Coinbase said that “[t]their information is based on the information available to the Company as of the date of this release and is subject to the completion of its quarterly financial closing procedures and review by the Company’s registered independent public audit firm. “

The financial results represent the last big step before its expected direct listing on April 14. Coinbase confirmed the date last week, as previously reported. Previous media reports indicated that Coinbase originally had a direct March list, but that goal was eventually lost.

Tuesday’s launch represents the latest look at Coinbase’s financial performance, following the comprehensive disclosures contained in its S-1 registration statement made public in February.

Among the data at the time: $ 322.3 million in profits from 2020 against a loss of about $ 30 million in 2019.

Based on crypto exchange FTX price data for its pre-IPO contract, Coinbase’s current implied valuation is $ 121.7 billion, as shown in the daily chart below:

On Tuesday, news emerged that Coinbase is a participant in a new lobbying organization based in Washington, DC, focused on cryptocurrencies and digital assets. Square and Fidelity are also members of the organization.

2021 outlook

Looking at the rest of 2021, Coinbase provided some estimates of where the next year could take him in terms of performance.

Perhaps most notably, Coinbase has indicated that it can spend more than $ 1 billion over 2021:

“Looking ahead to 2021, in order to scale our operations and continue to drive product innovation, we expect our technology and development expenses and our general and administrative expenses to be between $ 1.3 billion to $ 1, 6 billion, excluding share-based compensation, in 2021. “

Coinbase has also indicated that it will increase its marketing spending this year.

“In addition, we plan to increase our historically strong organic growth with customer acquisition and engagement, significantly increasing our investment in sales and marketing. We plan sales and marketing between 12% and 15% of net revenue in 2021. Finally, we anticipated transactions will be in the range of the few to mid as a percentage of net revenue in 2021, “said the company.

Coinbase CFO Alesia Haas commented during Tuesday’s follow-up call that the company expects its average annual revenue per user to increase during 2021.

“Our average annual revenue per user (ARPU) ranges from $ 34 to 44 per month. The lower limit for this range occurred in 2018 and the upper limit appeared in 2021. Our average annual revenue per user is likely to exceed that range in 2021”, she said.

This news is breaking news and will be updated periodically.

© 2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or is intended to be used as legal, tax, investment, financial or other advice.

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