Crypto Exchange Coinbase Had a Blowout First Quarter: Analysts
Summary
Coinbase reported a strong first quarter with $1.2 billion net income and $4.40 EPS, including a $650 million gain on crypto assets. Bitcoin rose 34% and the CD20 Index 17%. Analysts reiterated positive ratings and raised price targets. Growth in consumer and institutional transaction revenue was driven by market activity and product offerings. The launch of Coinbase's layer-2 blockchain, Base, was also encouraging. The company posted strong growth balances for the USDC stablecoin, generating $197 million of revenue. KBW is cautious about USDC balances due to rapid growth and potential future decline.
