In their quarterly, 2021 earnings call, Coinbase announced that the company exceeded expectations by bringing in over $2.23 billion in revenue – a figure notably higher than the expected $1.78 billion, per a CNBC report.
Their earnings resulted in $3.45 per share, adjusted, after expectations that it would be $2.33. Since last year, the company’s net profit is up over 4,900% with them bringing home over $1.6 billion in net profit.
Monthly transacting users grew considerably, up over 44% from last quarter to 8.8 million. The user growth is in line with recent on-chain data showing that bitcoin holders are not interested in spending bitcoin.
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Speaking on CNBC’s Fast Money, Anthony Pompliano said that holding Bitcoin is a better bet than holding Coinbase stock due to its 150%-200% yearly price appreciation. Still, Coinbase and companies in the space will still do well provided the space continues to grow its range of financial products.
Trading volume grew to $462 billion on the platform, an increase of 38% from the last quarter. Coinbase revealed that 24% of the company’s trading volume was in bitcoin, down from 39% in Q1, 2021.
This suggests investor appetite for altcoins is on the rise.
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