Source www.wsj.com During the first three months of 2021, Coinbase attracted 13 million new users and estimated it generated earnings of $730 million to $800 million on revenue of $1.8 billion. Even at the lower end of that earnings range, that’s more than twice its profit for all of last year.
Based on the price of Coinbase shares in private-market trading earlier this year, the company is worth $91.5 billion on a fully diluted basis, securities filings show. And Coinbase reached that valuation even before releasing blowout results for the first quarter, when it benefited from a huge rally in the price of bitcoin.
The News Highlights
- Coinbase’s high rating may erode as cryptographic markets mature
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