Brian Armstrong’s Coinbase released yesterday its estimated Q1 2021 earnings report wherein states that the crypto exchange made even more gigantic profits compared to its Q4 of last year, which was previously recognized as its best quarter in history in terms of recorded profits. Coinbase reportedly racked up $730 million to $800 million this first quarter of the year on very impressive revenue of about $1.8 billion, thus overtaking its record performance last year.
Coinbase’s report further notes that the exchange managed to raise its monthly active users to 6.1 million. It then attributed to the additional buzz it has been experiencing for a while now due to its incoming direct listing on NASDAQ. Notably, Coinbase’s direct listing is scheduled to take place next week officially.
As a result of the historical Q1 earnings results of Coinbase, investment bank DA Davidson bumped up its price valuation of the company’s shares, COIN, by more than 125%, all the while rating it a definite “buy.” Davidson now puts COIN’s price target to $440, which is actually twenty-fold of its original expected 2021 revenue. As per the bank’s analysts, Coinbase’s Q1 performance is a testament to the exchange’s strong capability to produce healthy profits despite the still-lingering volatility of BTC markets.
Lastly, it is worth noting that Coinbase’s recently released Q1 financial figures report is but the company’s best approximates. The conclusive report, which shows the official, accurate figures, is set to release in a few weeks.