Coinbase Sees $1.2B Net Income in Q1 2024

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Crypto exchange Coinbase saw a strong rebound in the first quarter of 2024, driven by an increase in market performance and the launch of Bitcoin exchange-traded funds (ETFs).

With a total revenue of $1.6 billion and net income of $1.2 billion, Coinbase achieved $1 billion in Adjusted EBITDA. Additionally, the company’s adjusted EBITDA for the same period in 2023 was $977.5 million.

The increase in net income was largely attributed to $737 million in pre-tax unrealized gains on crypto assets. Coinbase also saw a boost in capital, with $7.1 billion at the end of the quarter, including $1.1 billion in net cash from convertible notes.

However, total liabilities also increased from $200.7 million in 2023 to $339.9 million in 2024. The exchange saw a surge in revenue from consumer transactions, reaching $935 million (up 99% from the previous quarter), and a trading volume of $56 billion (up 93%).

Institutional transactions also showed significant growth, generating $85 million in revenue (a 133% increase from the previous quarter).