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Coinbase’s Q2 profits reaches $1.6B as ETH volume exceeds BTC’s

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Coinbase created $2.23 billion of revenue for the second quarter of 2021, as Ethereum (ETH) trading volume exceeded Bitcoin (BTC) for the first time on the platform. Coinbase gave its Q2 report on Aug. 10 and the crypto exchange’s revenue beat analyst forecasted with industry standard financial estimators Refinitiv forecasting $1.78 billion in expected revenue for the firm. Coinbase’s earnings per share came in at $3.45 in contrast to estimates of $2.33.

The trading platform attached a net profit of $1.6 billion in Q2 with a huge increase of 4,900% in comparison to the $32 million recorded in the same period in 2020. During the first time in Coinbase’s nine-year history, ETH changed BTC in trading volume with the assets showing 26% and 24% of total volume. BTC trading volume decreased by 39% in comparison to Q1, as ETH increased 23% within the time frame. Recent report stated that Coinbase showed a decline in BTC trading volume which was probably due to the total Bitcoin volume decreasing “as a percentage of global exchange spot volume,” also with the inclusion of new assets which highlighted increased interest and postulation. 

The firm ascribed the hike in ETH trading volume to the development in DeFi and NFT ecosystems with a higher demand due to ETH 2.0 staking. Coinbase witnessed a 38% increase in total volume in comparison to Q1 with the firm trying to exercise $462 billion of volume in the second quarter. Coinbase reported that Q2 2021 was a “strong quarter” which witnessed “growth and diversification” around the platform with the report giving importance a significant increase in retail and institutional clients: “Retail monthly transacting Users (MTUs) grew to 8.8 million, up 44% from Q1 2021. Verified users were 68 million. We now have over 9,000 institutions who continue to deepen and broaden their activities in the crypto economy.” 

Retail traders considered for $145 billion worth of total volume while the institutional investors presenting $317 billion identifying to increases of 20% and 47% in comparison to Q1 respectively. “In addition, in recent months, we have formed partnerships with industry leaders including Elon Musk, PNC Bank, SpaceX, Tesla, Third Point LLC, and WisdonTree Investments.” 

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