Coinbase Global Inc (NASDAQ:COIN) had its first quarterly earnings report as a publicly-traded company Thursday after market close.
What Happened: Revenue of $1.80 billion for Coinbase missed a Street estimate of $1.81 billion for the first quarter.
The company reported 56 million verified users at the end of the first quarter, compared to 43 million in the fourth quarter. Included in the 56 million total is more than 8,000 institutional partners and 134,000 ecosystem partners.
The company had 6.1 million monthly transacting users in the first quarter, more than double the fourth-quarter figure.
Coinbase had $335 billion in trading volume in the first quarter. The company saw $120 billion in trading volume from retail traders and $215 billion from institutional trading.
In the first quarter, Bitcoin (CRYPTO: $BTC) represented 39% of trading volume and Ethereum (CRYPTO: $ETH) represented 21%. Ethereum volume rose from 14% in the fourth quarter and was highlighted as seeing a significant volume increase.
Coinbase added seven new cryptocurrency assets in the first quarter.
On the earnings conference call, Coinbase confirmed plans to offer the meme cryptocurrency, Dogecoin (CRYPTO: $DOGE).
“We plant to list DOGE in the next 6 to 8 weeks,” the company said.
Revenue of $1.8 billion in the first quarter passed the company’s full-year total from last year of $1.3 billion.
Net income of $771 million in the first quarter also came in higher than the total of the last full fiscal year.
COIN Price Action: Shares of Coinbase dropped initially on the earnings report. Shares are up 0.62% to $265.10 after-market Thursday at publication.
The company’s shares have traded between $250.51 and $429.54 since going public.