America’s leading crypto exchange said Thursday that sales jumped to $1.6 billion in the first quarter of this year as transaction revenue doubled over the prior three months.Coinbase’s first-quarter revenue is up big compared to $772 million over the same period year ago, the Coinbase’s transaction revenue jumped to $1.1 billion in the first quarter from $374 million a year ago—doubling transaction revenue of $523 million in the fourth quarter of last year.Coinbase said in a letter to shareholders that its platform saw “revitalized trading activity among customers acquired prior to 2023” alongside growth in new users—including institutional traders. Coinbase turned green last year in the final quarter when it The exchange said in February that it strengthened its balance sheet by reducing debt by $413 million, and its business of allowing customers to earn interest on its Interest in the exchange’s stablecoin services increased this year, too: Coinbase said that revenue from the crypto product increased 15% this quarter from the last to $197 million. It added in its shareholder letter that USDC has been the fastest-growing stablecoin in 2024. StablecoinsThe rise in the price of cryptocurrencies following the Coinbase has partnered with most major asset managers that dropped a Bitcoin ETF, providing custody services. In effect, Coinbase said the ETFs’ approvals “unlocked a flywheel of customer engagement across [a] more robust product suite.”Coinbase’s shares rallied 8% Thursday to $230 per share, Nasdaq data shows. But the company’s stock price fell in after-hours trading to around $224 per share following the company’s earnings release.Edited by Ryan Ozawa.
