Coinbase Q1 Earnings Highlights: Revenue Beat, Institutional Trading Volume Hits All-Time High, Bitcoin Totals 33% Of Trades

Cryptocurrency trading platform Coinbase Global COIN reported first-quarter financial results after the market close Thursday.

Here are the key highlights.

What Happened: Coinbase reported total revenue of $1.64 billion, which beat a Street consensus estimate of $1.34 billion, according to data from Benzinga Pro. The company reported GAAP EPS of $4.40.

The company reported net revenue of $1.6 billion for the quarter, up 72% quarter-over-quarter.

Transaction revenue in the first quarter was $1.08 billion, with consumer transaction revenue totaling $935.2 million. Institutional transaction revenue was $85.4 million in the first quarter.

The company said institutional trading volume and number of active accounts hit all-time highs.

Net income in the first quarter was $1.2 billion, which included $737 million in pretax crypto asset mark to market gains.

Subscription and services revenue were $511 million in the first quarter, beating previous guidance from the company.

Bitcoin BTC/USD represented 33% of trading volume and 30% of transaction revenue in the quarter. Ethereum ETH/USD represented 13% of trading volume and 15% of transaction revenue in the quarter.

The company highlighted its Layer 2 platform Base, which saw an 8x increase in developer activity in the first quarter. Base processed more transactions than any Layer 2 over the last 30 days, according to the company.

What's Next: Coinbase is guiding for second-quarter subscription and services revenue to be in a range of $525 million to $600 million.

The company said transaction revenue was $300 million in the month of April.

COIN Price Action: Coinbase shares are down 3.25% to $221.42 in after-hours trading Thursday after gaining 8.93% in the regular trading session.

Read Next: Coinbase Up 300% In A Year, But Faces Bearish Technicals Ahead Of Q1 Earnings

Photo courtesy of Coinbase.