Ahead of its long-anticipated public market debut next week, crypto-brokerage Coinbase previewed results for its best quarter ever, pulling in $1.8 billion in first-quarter revenue, as booming interest in cryptocurrencies pushes the market to meteoric new highs.
Shortly after the market close on Tuesday, Coinbase, the nation’s largest cryptocurrency exchange, reported first-quarter revenue that soared nearly 900% from $190.6 million in the same period last year, blowing past the $585 million nabbed in the fourth quarter.
The San Francisco-based firm, which posted a surprise profit of $322 million last year, pulled in an estimated $800 million in earnings during the first quarter, roughly 25 times the $32 million posted a year ago.
Reflecting the surging interest in cryptocurrencies, Coinbase’s trading volume totaled $335 billion in the quarter, eclipsing the $30 billion worth of trades in the first quarter of 2020.
CNBC’s Kate Rooney reports on Coinbase earnings ahead of next week’s direct listing. With CNBC’s Mike Santoli. Subscribe to CNBC PRO for access to investor and analyst insights on crypto and more: https://cnb.cx/2BT2E7y In preparation for its debut on the Nasdaq next week, cryptocurrency exchange Coinbase said on Tuesday that first-quarter revenue climbed about nine-fold from last year, driven by a historic rally in the price of bitcoin. Revenue in the period jumped to about $1.8 billion from $190.6 million in the same quarter a year earlier, Coinbase said in a press release, adding that the results are preliminary and unaudited. Net income grew to between $730 million and $800 million from $31.9 million a year ago. Coinbase said it has 56 million verified users. The company is hosting a webcast to discuss its financial results starting a 4:30 p.m. Eastern Time.
Meanwhile, the platform’s verified users (those with confirmed identities who are eligible to trade) swelled to 56 million at quarter’s end, compared to 34 million one year prior.
cryptocurrencies, fueled by heightened institutional adoption that’s seen the likes of Morgan Stanley and Goldman Sachs dive into the space just last month. The cryptocurrency market late Monday swelled to more than $2 trillion after skyrocketing nearly tenfold from $208 billion in April 2020.
“Coinbase’s expected valuation of roughly $100 billion is far too high,” David Trainer, the CEO of investment research firm New Constructs, said in a note to clients Monday. “It’s hard to make a straight-faced argument that the firm can justify the lofty expectations baked into its valuation given increasing competition in a mature cryptocurrency trading market and the lack of sustainability in its current market share and margins,” he added, noting that competitors such as Gemini, Bitstamp, Kraken and others are likely to try to undercut Coinbase’s market share advantage by lowering their trading fees, as has happened with stocks in the years since online brokerages like Robinhood and Stash emerged.
Billionaire Coinbase CEO and Cofounder Brian Armstrong earned an eye-popping $59.5 million in total compensation last year—more than JPMorgan CEO Jamie Dimon and Goldman Sachs CEO David Solomon.
I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at email@example.com.
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NEW YORK: Investors looking for ways to protect themselves from a potential market downturn and rising inflation have been warming to utilities, sometimes seen as bond substitutes, as attractive alternatives.
The S&P 500 utilities index has outperformed the broader market this month, rising 9.3 per cent so far compared with a 4.3 per cent gain in the benchmark index and leading gains among sectors for March.Driving the gains may be a defensive move by investors to position themselves against a potential slide in equities, with worries mounting over higher inflation as seen in the jump in 10-year Treasury yields and over pricey stock valuations, some strategists say.Utilities tend to do better in a downturn because they pay dividends and offer stability. “It’s a little defensive positioning,” said Joseph Quinlan, head of CIO market strategy for Merrill and Bank of America Private Bank in New York.
While the economy is expected to rebound sharply this year from the impact of the coronavirus, that optimism may be dampened by next year if unemployment remains elevated and growth slows more than expected. Some investors say utilities also may be benefiting from hopes that there will be a bigger push toward green energy under the Biden Administration. President Joe Biden is expected to unveil next week a multitrillion-dollar plan to rebuild America’s infrastructure that may also tackle climate change.
“If you get any acceleration of the decarbonization rhetoric, that’s a positive for utilities,” said Shane Hurst, managing director and portfolio manager at ClearBridge Investments. But whether the recent surge in utilities has further room to run is a matter of debate, and many strategists and investors, including Quinlan, still favor cyclicals that benefit from economic growth over defensive-leaning groups such as utilities.
The gains in utilities have come amid a rotation from technology and other growth stocks into so-called value stocks. The Nasdaq Composite has fallen in March after four straight months of gains. Cyclicals, which investors dumped during the early part of the pandemic, have benefited the most from the rotation. An end-of-quarter rebalancing of investment portfolios by institutional investors may be adding to the recent rotation from growth into value.
While utilities still sharply lag gains for the year compared with many cyclical sectors, including energy, they are also considered inexpensive at this point by some investors. After a weak performance in 2020, utilities “are just really, really cheap at the moment,” Hurst said. “And that is an attractive place to be when you’re in a market that’s very much earnings driven.”
The utilities sector is trading at 18.3 times forward earnings compared with a price-to-earnings ratio of 22.1 for the S&P 500 index and 26 for technology, according to Refinitiv’s data. David Bianco, Americas chief investment officer for DWS, which has an overweight rating on utilities, said interest rates are still low, but utilities offer inflation protection because they would be able to raise their prices.
As of Friday, the S&P 500 utilities sector had a dividend yield of 3.3 per cent, the second-highest among S&P sectors after consumer staples, and well above the 1.5 per cent yield for the S&P 500, according to data from S&P Dow Jones Indices.Benchmark 10-year note yields were at 1.660 per cent on Friday after reaching a one-year high of 1.754 per cent the week before. “Utilities is our most preferred bond substitute,” said Bianco.
Coinbase – a platform used to buy and sell currency – has temporarily disabled its users from being able to purchase Bitcoin and other cryptocurrencies using US dollars.
Users who have attempted to make purchases over the past day have received a message that reads, ‘USD purchases are temporarily disabled,’ while other currencies, including the British pound, are also reported to have been blocked from making purchases.
Coinbase hasn’t commented since its users started getting the message, however the platform has reported experiencing difficulties due a recent surge in interest following a rise in the price of Bitcoin.
It’s unclear whether the temporary issue is related to the technical issues the app has been experiencing, or whether it’s a move from Coinbase to try and slow or restrict purchases.
However, it comes in the wake of trading platform Robinhood suspending sales of hugely popular Reddit stocks, GameStop and AMC, causing concern that similar blockages could be happening with Bitcoin too.
If the latter were to be true, it would be an incredibly unpopular move given all the backlash Robinhood is facing for allegedly protecting hedge fund millionaires at the steak of Reddit investors. Donald Trump Jr, Alexandria Ocasio-Cortez and Ted Cruz are among those who have criticised the platform.
One Reddit user has even filed a class action against the platform, after it blocked any further sales of GameStop stock due to ‘volatility of the market’.
Meanwhile, the value of Bitcoin has soared over the past couple of days, after Tesla founder Elon Musk changed his Twitter bio to simply read ‘#bitcoin’.
In just one hour after the multibillionaire updated his profile, the cryptocurrency’s value soared from around $32,000 (£23,500) to above $37,000 (£27,000,) per online trading site Coinbase.
Elsewhere, a cryptocurrency that began as a joke, has also soared in value by 140%, following the recent success of Reddit-fuelled stocks.
Dogecoin, which is based on the popular ‘doge’ meme, saw huge increases after a Reddit thread called SatoshiStreetBets called for the currency to reach the value of $1 per coin.
Again, cryptocurrency fan Musk has touched on the dogecoin, with many Reddit users calling on him to help spread the word about the currency.
Back in April 2019, he tweeted, ‘Dogecoin might be my fav cryptocurrency. It’s pretty cool,’ later sending its value soaring by 20% when he simply tweeted, ‘doge.’
Emma Rosemurgey is an NCTJ trained Journalist who started her career by producing The Royal Rosemurgey newspaper in 2004, which kept her family up to date with the goings on of her sleepy north east village. She graduated from the University of Central Lancashire in Preston and started her career in regional newspapers before joining Tyla (formerly Pretty 52) in 2017, and progressing onto UNILAD in 2019.
Almost every time the price of bitcoin increases or decreases quickly, Coinbase shuts down. It happens like clockwork, time and time again. Why does Coinbase always go down? Instead of specifically focusing on why Coinbase always crashes, in this video we will go over a simple fix to prevent yourself from being a victim in the future when your exchange of choice crashes or your account is disabled/frozen. Time Stamps: Intro – 0:00 History Of Crashes – 0:15 The Solution- 1:00 Alternative Exchanges – 2:00
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Calling all millennials: How much of your money is in equity or invested somewhere? Sure, there may be a savings account in a mutual fund somewhere nice and safe that your parents set up for you on your 18th birthday, but knowledge about investing and the stock market isn’t as widespread as you’d think. In fact, a recent study found that less than half of affluent (i.e. money-making, employed and educated) millennials feel knowledgeable about investing at all. That includes setting aside money for retirement. While knowledge about how to navigate the stock market is nebulous, there’s also a gap in how to acquire knowledge, and 21 percent of non-investors say that they don’t invest because they don’t trust financial advisors or stockbrokers.
Still, millennials have the most opportunity on their hands (Gen Z, too) to make a killing in the stock market if they invest sooner rather than later. It’s a long game due to the compounding effect. So, for millennials who don’t yet have the knowledge or understanding to get started in investing in a major way, here are four fun ways to dip their toe in and understand how it works. Who knows? Beginning with one of these steps today may make you a fortune later.
There are many investing platforms that can create personalized investing portfolios so you can learn as you go. Take Ellevest, which features 21 asset classes and creates a portfolio based on the amount of risk you want to take. For female-identifying millennials, this is a great first place to get started, because you can invest as little as $20 and add a recurring contribution and edit your timeline as you go. Platforms like this help you experiment within your budget, allocating your money in different ways to reach your goal and learn simultaneously.
Big investing buzzwords can be intimidating at first, which is all the more reason to invest in something you’re already familiar with, so it feels less foreign. This will create a sense of personal investment and interest, too. This could span from investing in a friend’s Kickstarter for a product you believe in to using a platform like Vinovest, which allows users to buy and sell fine wine without having to store the inventory in their homes.
At the same time, an investment of this type can be fun and different — a conversation starter. Already having an interest in one industry sector or type of product can also incentivize further research on the topic, which can only pay off as far as investment decisions go.
Investing in something like cryptocurrency can be another learn-as-you-go alternative. Many millennials enjoy taking part in the conversation around the different types of cryptocurrency on Reddit and Twitter, where they can crowdsource information, make friends and educate themselves in a more social way. Apps like Coinbase make this easy, where everything from Bitcoin to Ethereum is available to purchase and sell at a moment’s notice, which is how many millennials begin to play with trading. These are valuable skills that can translate to the stock market later on.
4. Do a convertible loan
The nature of a convertible loan means that a term is created for a loan for a startup or business, and the loan will be returned with a small interest fee, with the option to turn the debt into equity. For millennials in the startup sphere interested in business or working in venture capital, this is a great way to begin the process of startup investing while also giving the startup a year to perform before deciding whether to invest or take back their loan money with the small interest rate accrued. This can also be a great opportunity to learn about key terms and KPIs regarding business growth and what investors should look for in startup performance.
Each of these four ideas provide an educational glimpse into the world of investing, with a slightly smaller margin of risk for beginners. The best way to learn is through doing, so millennials just need to start playing with their disposable income to learn the ropes.
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According to a report just out by Coinbase’s “Around the Block” blog, only a small proportion of new crypto investors stick to Bitcoin exclusively. The majority, 76%, eventually branching out into altcoin investment.
Bitcoin apparently acts as something of a “gateway drug” according to Coinbase’s assessments, leading investors slowly into adjacent investments. Fully 60% of initial investors with at least five purchases on the exchange, make their first purchases into Bitcoin.
Another interesting discovery in the report is that Coinbase users trade altcoins at a rate higher than those altcoins’ market capitalizations would suggest. Coinbase found a 3% overall disparity between altcoins’ trading volume on Coinbase and their market caps, with the highest rates for Chainlink (LINK) and Tezos (XTZ). XRP (XRP) was the outlyer here, in fact having a negative trading/market cap rate.
The obverse here is of course Bitcoin, which trades at a trading/market cap rate far below zero, at about -17%.
According to data from TradingView, market share of mid-cap altcoins and below has been growing steadily since August 2019, which date marks a broad bottom for altcoins during 2019 after an explosive first half of the year.
Likewise, Bitcoin dominance reached highs not seen in years around the same time, and the leading crypto has been falling in dominance since then — although the onset of the COVID-19 pandemic and its economic effects seem to have given Bitcoin dominance new life. This makes sense, as altcoin trading is a sign of risk-taking, which has definitely been reduced in the wake of the coronavirus pandemic.