Coinbase Q1 earnings exceeded full-year 2023 results thanks to market conditions driven by new Bitcoin ETFs.
Crypto exchange Coinbase has reported a strong rebound in the first quarter of 2024, supported by an uptick in market performance and the launch of Bitcoin exchange-traded funds (ETFs).
The exchange posted $1.6 billion in total revenue and $1.2 billion in net income for the first quarter, achieving $1 billion in Adjusted EBITDA — which measures a company’s earnings before interest, taxes, depreciation, and amortization. Coinbase’s adjusted EBITDA in 2023 stood at $977.5 million.
According to its earnings release, Coinbase’s net income benefited from $737 million in pre-tax unrealized gains on crypto assets. The firm ended the quarter with $7.1 billion in capital, including $1.1 billion in net cash raised through the sale of 2030 convertible notes.