Coinbase Global reported earnings after market close Tuesday. Here are the key takeaways from the shareholder letter.
What Happened: Coinbase Global COIN reported second-quarter revenue of $2.03 billion. The total beat the Street consensus estimate of $1.77 billion. The company reported revenue of $1.6 billion in the first quarter.
Net income from the company was $1.6 billion in the second quarter.
Coinbase had trade volume of $462 billion in the second quarter compared to $335 billion in the first quarter.
The company reported 8.8 million monthly transacting users and 68 million verified users.
Coinbase also reported over 9,000 institutions as customers in the second quarter.
Related Link: Coinbase IPO: 7 Key Takeaways Investors Should Know
Key Takeaways: The company highlighted high volatility and record-breaking cryptocurrency prices in the second quarter.
Large institution customers continued to join the Coinbase ecosystem in the second quarter. The company said 10% of the top 100 largest hedge funds by assets under management have onboarded with Coinbase.
“In recent months, we have formed partnerships with industry leaders including Elon Musk, PNC Bank PNC, SpaceX, Tesla TSLA, Third Point LLV and WisdomTree Investments,” according to the company.
International growth could continue for Coinbase. The company registered with the local regulator in Japan and will be able to solicit customers in the country and offer crypto services. Japan is the third-largest economy in the world.
Coinbase obtained a license in Germany for trading and is the first company to be issued this particular license. Germany ranks second in the world for the number of Bitcoin nodes ran.
Coinbase added 29 new assets for trading and 39 new assets for custody in the first six months of 2021. The platform currently supports 83 assets for trading and 142 for custody.
The company also launched the Coinbase Card in the second quarter. The card will allow U.S. users to convert and spend cryptocurrency at 70 million merchants where Visa Inc V cards are accepted.
COIN Price Action: Coinbase shares were down 3.85% at $269.67 in after-hours trading Tuesday.
See also: Coinbase Review
Photo: the Coinbase platform.
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