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Benzinga
  • 2 years ago
Coinbase reported revenue of more than $1.6 billion for the first quarter, beating analyst estimates. Net income was over $1.1 billion, compared to a loss in the prior year. Transaction revenue nearly tripled year-over-year to over $1 billion, driven by a surge in cryptocurrency trading amid the bitcoin rally. New Bitcoin highs and Ethereum's network upgrade drove increased demand for Coinbase's trading platform. Institutional investment in crypto also grew. Four Coinbase executives collectively sold over $380 million in company stock during the quarter, more than double the prior quarter's sales.
Transcript
00:00It's Benzinga and here's what's on the block. Coinbase reported revenue of more than $1.6
00:05billion for the first quarter, beating analysts' estimates. Net income was over $1.1 billion
00:10compared to a loss in the prior year. Transaction revenue nearly tripled year-over-year to over $1
00:15billion driven by a surge in cryptocurrency trading amid the Bitcoin rally. New Bitcoin
00:20highs and Ethereum's network upgrade drove increased demand for Coinbase's trading platform.
00:25Institutional investment in crypto also grew. Four Coinbase executives collectively sold over
00:30$380 million in company stock during the quarter, more than double the prior quarter's sales.
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