Adjusted EBITDA rose from $324 million in the previous quarter to $1.014 billion.
Notable contributions from international operations significantly fueled Coinbase's overall growth.
Coinbase has released its first quarter report for
2024, showcasing a substantial 72% quarter-on-quarter increase in total revenue
to $1.6 billion. This surge was accompanied by a notable net income
of $1,176 billion, representing an increase of 1,588% YoY. This figure represents a turnaround from a net loss of $79 million in the same period last year. Compared to last quarter, Coinbase's net income surged 331%.
The cryptocurrency exchange experienced an uptick in
its market share across US spot and derivatives trading, along with reaching record highs in Coinbase Prime usage and USDC market capitalization. According to the company, notable international operations significantly contributed to the overall growth.
Impact of Bitcoin ETFs
Coinbase mentioned: "While we cannot attribute the increase in market capitalization to a specific driver, we believe this increase was influenced by a variety of factors, such as the launch of the Bitcoin ETFs, which have experienced over $11 billion in net inflows so far in 2024."
Adjusted EBITDA increased from $324 million in the
previous quarter to $1.014 billion, compared to $287 million reported in
the first quarter of last year. Looking ahead, Coinbase anticipates continued
momentum in Q2 2024, with robust projections in transactions, subscription, and
service revenue.
Recently, the crypto exchange secured registration as a
restricted dealer from the Canadian Securities Administrators. This achievement
marked an important moment in Coinbase's global expansion efforts, positioning
it as the first international crypto exchange to attain registration in Canada.
The approval in Canada added to Coinbase's growing
list of registrations in key countries worldwide, including France, Spain,
Singapore, Italy, Ireland, and the Netherlands. Meanwhile, in the United States, a federal judge in
Manhattan recently permitted the US Securities and Exchange Commission to proceed with a
lawsuit against Coinbase, albeit dismissing one claim.
Navigating Regulatory Hurdles
Speaking about these regulatory challenges, Coinbase said: "On the legislative front, we are seeing a step
change among key leaders in Washington DC aligning on the need for stablecoin
legislation, which we believe is a hopeful sign that broader crypto legislation
will eventually materialize in the US."
The SEC sued Coinbase last June for violations of securities regulations related to the trading of certain
crypto tokens. Central to the legal dispute is the interpretation of crypto
assets as securities, with the SEC relying on established legal precedents to
support its case.
Coinbase has released its first quarter report for
2024, showcasing a substantial 72% quarter-on-quarter increase in total revenue
to $1.6 billion. This surge was accompanied by a notable net income
of $1,176 billion, representing an increase of 1,588% YoY. This figure represents a turnaround from a net loss of $79 million in the same period last year. Compared to last quarter, Coinbase's net income surged 331%.
The cryptocurrency exchange experienced an uptick in
its market share across US spot and derivatives trading, along with reaching record highs in Coinbase Prime usage and USDC market capitalization. According to the company, notable international operations significantly contributed to the overall growth.
Impact of Bitcoin ETFs
Coinbase mentioned: "While we cannot attribute the increase in market capitalization to a specific driver, we believe this increase was influenced by a variety of factors, such as the launch of the Bitcoin ETFs, which have experienced over $11 billion in net inflows so far in 2024."
Adjusted EBITDA increased from $324 million in the
previous quarter to $1.014 billion, compared to $287 million reported in
the first quarter of last year. Looking ahead, Coinbase anticipates continued
momentum in Q2 2024, with robust projections in transactions, subscription, and
service revenue.
Recently, the crypto exchange secured registration as a
restricted dealer from the Canadian Securities Administrators. This achievement
marked an important moment in Coinbase's global expansion efforts, positioning
it as the first international crypto exchange to attain registration in Canada.
The approval in Canada added to Coinbase's growing
list of registrations in key countries worldwide, including France, Spain,
Singapore, Italy, Ireland, and the Netherlands. Meanwhile, in the United States, a federal judge in
Manhattan recently permitted the US Securities and Exchange Commission to proceed with a
lawsuit against Coinbase, albeit dismissing one claim.
Navigating Regulatory Hurdles
Speaking about these regulatory challenges, Coinbase said: "On the legislative front, we are seeing a step
change among key leaders in Washington DC aligning on the need for stablecoin
legislation, which we believe is a hopeful sign that broader crypto legislation
will eventually materialize in the US."
The SEC sued Coinbase last June for violations of securities regulations related to the trading of certain
crypto tokens. Central to the legal dispute is the interpretation of crypto
assets as securities, with the SEC relying on established legal precedents to
support its case.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!