Cryptocurrency exchange Coinbase (NASDAQ:COIN) surpassed expectations in its first quarter earnings report, beating both revenue and revenue estimates. The company reported revenue of $1.64 billion, beating estimates of $1.32 billion, and adjusted earnings per share (EPS) of $4.40, beating estimates of $1.07.
Steve Zhang, Founder and Managing Partner of Kindred Ventures, joined Market Domination Overtime to analyze Coinbase’s performance. Jang emphasizes that the approval of the Bitcoin ETF is a positive factor for Coinbase, especially benefiting its consumer trading segment. He emphasizes that Coinbase will transition into its “second chapter” after its IPO, establishing itself as a key service provider for major financial institutions around the world.
Zhang praises Coinbase’s forward-thinking strategy in building a platform specifically for developers, similar to tech giants like Facebook (NASDAQ:FB) and Amazon Web Services (NASDAQ:AMZN) in its early stages. He predicts that this approach will drive Coinbase’s long-term growth, saying, “Coinbase is, has been and will continue to be a premier company building the pillars that create the gateway to cryptocurrency and traditional finance.”
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