Coinbase reported impressive first-quarter earnings, with revenue reaching $1.6 billion, marking a 72% increase from the previous quarter. The company demonstrated a substantial turnaround in net income, posting $1.18 billion compared to a $79 million loss in the same period last year. Coinbase’s EBITDA hit $1.01 billion, while earnings per share reached $4.04, surpassing the $1.15 consensus estimate. This success was attributed to expanded product offerings, improved market share, and increased market capitalization of USDC.

Revenue from consumer and institutional transactions hit $1.08 billion, with the consumer sector contributing $935.2 million. Notably, institutional transaction revenue grew 113% quarter-on-quarter to $85 million. Despite a 9% surge in regular trading, Coinbase shares dipped about 3% after-hours to $222. Shares have risen almost 50% over the past year, showing sustained investor confidence.

In April alone, Coinbase generated over $300 million in transaction revenue, projecting Q2 subscription and services revenue in the range of $525-$600 million.

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