Coinbase announces first-quarter financial results and reveals plans to list Dogecoin in the next six to eight weeks.

Coinbase released its first-quarter financial report yesterday, marking the first financial report issued by the company since its listing. Additionally, the company stated that it may change its listing process in the future and is expected to list Dogecoin in the next six to eight weeks.

First Quarter Financial Report

Below are some key points from Coinbase's financial report:

• Total revenue of approximately $1.8 billion (with trading revenue accounting for 85%), surpassing $585 million in the fourth quarter of 2020 and $191 million in the same period last year.
• Net income of approximately $771.5 million, more than four times the fourth quarter of 2020 and over 24 times the profit in the same period last year.
• Earnings per share of about $3.05.
• Quarterly trading volume of $335 billion, with retail trading accounting for approximately $120 billion and institutional trading at $215 billion.
• Monthly Transacting Users (MTU) approximately 6.1 million.
• As of the end of this quarter, Coinbase had approximately 1,717 employees, a 96% increase from the same period last year.
• Monthly Transacting Users (MTU) at 6.1 million, in line with preliminary figures.

Overall, the first quarter financial report shows figures that are roughly in line with the data publicly available before the company went public. Coinbase's performance is closely tied to the performance of cryptocurrencies like Bitcoin, and with fees on cryptocurrency exchanges being collected in the form of cryptocurrencies, they act as leverage in a market that continues to rise. Despite Coinbase's involvement in venture capital and custody businesses, trading fees remain the company's primary source of revenue, with approximately 94% of the company's first-quarter net revenue coming from transaction fees.

Second Quarter Forecast

The company has raised its annual forecast range for MTU from the original 4 to 7 million to a range of 5.5 to 9 million, indicating that the company remains optimistic about the market ahead.

Coinbase admits that all business indicators for the second quarter are expected to meet or exceed the records set in the first quarter. The company stated that if the same pace is maintained, trading volume in the second quarter will slightly surpass that of the first quarter. Additionally, Coinbase revealed that one-time fees related to the direct listing going forward will amount to approximately $35 million. On the other hand, with the business expanding continuously, the company expects that by the end of 2021, its technical development and general administrative expenses will be between $1.3 billion and $1.6 billion.

Improving the Listing Process

In addition to the company's own financial reports, Coinbase revealed during the earnings call that it will be improving the listing process for future exchanges, increasing the inclusivity of assets to be listed. According to CNBC'sreport, in addition to planning to list Dogecoin in the next six to eight weeks, CEO Brian Armstrong also indicated that Coinbase will change its token review process, potentially listing newly issued cryptocurrencies ahead of other exchanges.

"In the future, we may have to become the first exchange to list these tokens."

Brian Armstrong added that the exchange has accumulated a list of tokens to be listed and is currently working to expedite the listing process for these tokens.