As the price of bitcoin goes, so goes Coinbase.
Bitcoin hit an all-time high in the first quarter, and Coinbase reported its best-ever results. The company made $1.18 billion in net income on total revenue of $1.64 billion. Those are impressive numbers, any way you look at them.
Transaction volume on Coinbase peaked in March as bitcoin was hitting its all-time high.
But more importantly, several bitcoin ETFs were launched in the first quarter, and Coinbase is working with many of them for custody services. These funds brought in $50 billion collectively in the first quarter.
Consumer and institutional transaction revenue grew 101% and 133%, respectively from the previous quarter.
All the details are in the Coinbase shareholder letter here.
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