Coinbase, the world’s most trusted cryptocurrency exchange, is all prepared to release its Q1 2024 earnings report after Thursday’s market close.
In the highly volatile market, Bitcoin’s acceptance by major institutions and the wake of the crypto-market rally is expected to benefit the crypto giant players. Coinbase, one of the biggest and most trusted crypto exchanges, will release its Q1 2024 earnings report on May 2.
Bitcoin’s (BTC) outstanding performance in March 2024 and Ethereum’s (ETH) plans for an upgrade over the year set high expectations for Coinbase’s profits.
Coinbase Q1 Earnings Under Discussion
After Thursday’s market close, Crypto exchange platform Coinbase will announce its Q1 earnings. The wake of the crypto-market rally, including BTC and ETH, is expected to influence Coinbase’s profit positively.
On May 2, PhoenixNews.io took on X to make the community about Coinbase’s upcoming earning reports.
[BARRONS] Coinbase Earnings Are Almost Here. A Bitcoin Boom Likely Bolstered Profits.https://t.co/8ZEwkOlznN
— PhoenixNews.io (@PhoenixNews_io) May 2, 2024
According to Tradingview data, the estimated earnings per share (EPS) is pegged at $1.152, and the expected revenue will be around $1.36 billion. At the time of writing, Coinbase (COIN) was trading at $210.09 after a spike of 3.02% in one day.
Exploring the Q3 2023 earning report, announced on 16 February 2024, the exchange showcased an outstanding performance. The exchange reported $1.04 in EPS and around $826.105 Million in revenues.
Moreover, Recent euphoria around Bitcoin’s acceptance by major institutions amid ETFs is supposed to hold a firm place in COIN’s upcoming earnings report.
Is Bitcoin The Catalyst For Coinbase’s Performance?
“Bitcoin hit a new all-time high, and Ethereum implemented its largest upgrade in over a year; as such, Coinbase earnings, as a key beneficiary of the activity, will likely step up significantly this quarter,” said J.P. Morgan.
BTC’s value spiked over 61% in the first quarter of this year due to the approval of 11 spot BTC ETFs. In the same way, BTC broke its all-time high record, hitting $73,000 on March 14, 2024.
At press time, BTC’s price was recorded at $57,758.21, after a surge of 0.60% daily with a market cap of $1,136,970,842,035 and $44,060,532,231 in 24-hour trading volume.
Coinbase Vs. Bitcoin: Alliance Bought The Next Wave Of Adoption
Coinbase has strong connections with Bitcoin, as its price and volatility depend on each other. Brian Armstrong, Coinbase’s CEO, announced support for the BTC Lightning Network to offer a cheaper and faster BTC.
Excited to be live on the #Bitcoin Lightning network – let's get every transaction under 1 second and 1 cent to bring in the next wave of adoption.
— Brian Armstrong (@brian_armstrong) April 30, 2024
And huge shout out to @lightspark for the excellent partnership. https://t.co/DwhnHZ6fqB
The support indicates Coinbase’s potential to handle challenges associated with this technology. Lightning Network is a payment solution on BTC that uses BTC transactions and time-locks. It generates nodes and channels that offer cheap and fast transactions.
