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Coinbase Q1 profit to double last year’s total earnings

The Crypto exchange presently has about 56 million verified users as of Q1 2021.



A week to its much-awaited Initial Public Offer, Coinbase the most sort after crypto exchange revealed it expected to report a Q1 profit of between $730 million to $800 million, more than double what it made last year.

In its statement on its preliminary results, the pioneer crypto exchange reported that it was anticipating to post revenue of $1.8 billion in Q1 2021, surpassing last year’s total revenue of $1.3 billion.

For the first quarter of 2021, Coinbase currently expects the following for the 3 months ended March 31, 2021:

  • Verified Users of 56 million
  • Monthly Transacting Users (MTUs) of 6.1 million
  • Assets on Platform of $223 billion, representing 11.3% crypto asset market share, including $122 billion of Assets on Platform from Institutions
  • Trading Volume of $335 billion
  • Total Revenue of approximately $1.8 billion
  • Net Income of approximately $730 million to $800 million
  • Adjusted EBITDA of approximately $1.1 billion

READ: Nigeria dwarfs Africa in Bitcoin P2P amid CBN crypto ban

The Crypto exchange presently has about 56 million verified users as of Q1 2021, taking to account that Coinbase is not currently available to residents of Africa’s biggest crypto market (Nigeria).

Coinbase also operates a Crypto custody business for institutional investors and plans to make its direct listing debut at Nasdaq on April 14, the first of its kind for a major Crypto exchange.

The Crypto exchange was founded about a decade ago, allowing its clients to buy and sell Cryptos like Bitcoin, Ethereum and Polkadot. The Crypto exchange had earlier raised over $540 million in funding as a private company, its current market value stands at about $90 billion.

In a footnote, it explains “In May 2020, we became a remote-first company. Accordingly, we do not maintain a headquarters.”

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As a risk factor, it cites: “The identification of Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, or the transfer of Satoshi’s Bitcoins.”

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Bitcoin ETF in North America has reached $1 billion in assets

The first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch.



According to a statement from its issuer, the first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch. What exchange-traded funds did to the conventional investing market for decades could happen to cryptocurrency players in a fraction of the time.

Investors are clamoring for crypto exposure, particularly in an exchange-traded fund wrapper, and the product from Toronto-based Purpose Investments, ticker BTCC, has seen a lot of interest. Although there are many crypto funds in Europe that work similarly to ETFs, this is the first ETF anywhere.

More than $165 million worth of shares were traded on the fund’s first trading day in February, a big start for a fund in the much smaller Canadian ETF market.

Its rapid cash accumulation reflects the high demand for Bitcoin products in the United States, as issuers compete for approval of the first Bitcoin ETF in the nation. Despite regulator resistance to accept the tactics, at least eight companies, including VanEck Associates Corp. and WisdomTree Investments, now have live applications with the Securities and Exchange Commission.

On Tuesday, Bitcoin surged to an all-time high of about $63,246 ahead of Coinbase Global Inc.’s upcoming IPO later this week.

There is an increasing expectation that a bitcoin ETF will be available in the United States in the not-too-distant future. Gary Gensler, the nominated chairman of the Securities and Exchange Commission, has taught cryptocurrency classes. The bitcoin market has exploded in popularity in recent months, attracting the attention of major financial institutions. Bitcoin ETFs are once again being sought by VanEck, Fidelity, and others.

One advantage of ETFs is that shares can be readily created and redeemed to arbitrage away any discount or premium, which could greatly broaden their appeal. ETFs are also cheaper, which will put pressure on fees across the bitcoin ecosystem. Hence market sentiment may push the ETF higher.

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Bitcoin is on fire, breaks above all-time high

The flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion.



Bitcoin on high demand, hits 2-year high, trading $17,000

Bitcoin prices ascended to a record high on Tuesday, hitting another milestone at above $62,000, a move that many reaffirm to be a bullish trend in the cryptoverse and one that can make other digital assets surge.

At the time of writing this report, the flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion. Bitcoin is up 2.99% for the day. The world’s most popular crypto now has a market value of about $1.17 trillion.

Adding credence to the strong bullish run in play is data retrieved from Glassnode pointing to the fact that holders of the flagship crypto are selling less, as Bitcoin deposits on exchanges hit a 30-day low.

BTC Number of Exchange Deposits (7d MA) just reached a 1-month low of 2,837.702.

READ: Why Bitcoin might likely hit $100,000 soon

READ: Bitcoin produces 4 billionaires worth at least $3 billion each

More details later…

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