11 August crypto exchange Coinbase (NASDAQ: COIN) reported for the second quarter 2021 of the year. Compared to the second quarter of last year:
- revenue increased from 186 to 2228 million dollars;
- operating profit increased from 42 to 875 million;
- net profit increased from 32 to 1606 million;
- Adjusted EBITDA increased from 61 to 1150 million.
According to Coinbase, Volatility in the cryptocurrency market positively affected the financial results of the company. Bitcoin price climbed higher during the quarter 64 one thousand dollars, and then fell lower 30 thousand. Users made more transactions, and Coinbase earned more on commissions.
Users. Quarterly monthly active retail users, who make transactions, increased by 44%, with 6,1 to 8,8 million. The total number of verified users was 68 million.
Trading volume. Compared to the first quarter, the trading volume on the platform increased by 38%, to 462 billion dollars. Of them 317 billion, or 69%, - share of institutional investors, 31% — share of retail investors.
On bitcoin and etherium had to 24 And 26% of the total trading volume, for other cryptocurrencies 50%. A year ago, the shares of Bitcoin and Ethereum were 57 And 15%.
Assets. The size of assets on the platform was 180 billion dollars. Of them 47% - bitcoin, 24% — Ethereum, 25% - other cryptocurrencies, 5% - fiat currencies.
Revenue. In the Coinbase review, we have already analyzed the structure of the company's revenue. Here are the results by segment compared to the first quarter.
In the main operating segment Transaction (Commission) revenue increased by 25%, to 1,9 billion dollars. Of them 0,1 billion - the share of institutional investors.
In the Subscription and services segment (subscription and services) revenue increased by 82%, to 0,1 billion.
Forecast. As noted by Coinbase, future trading volume, which means, and revenue depends on asset prices and market volatility. According to company forecasts, in 2021 year, the average monthly number of active users will be 8 mln in case of high volatility and 5,5 mln - in case of low.
Promotions. On the postmarket, after the publication of the report, Coinbase shares rose by 0,8%. Since its listing in mid-April, the company's shares have dropped by 18%, with 328 to 270 $. During the same time index S&P 500 added 7,6%, а NASDAQ Composite — 6,7%.
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