CoinBase Reported Another Strong Quarter and Very Upbeat 2021 Results and Guidance

Recently Coinbase (COIN) released its financial results for the 4th quarter and FY of 2021.

Coinbase is a US company that operates a cryptocurrency trading platform. Coinbase operates remotely and does not have an official headquarters. The company was founded in 2012 by Brian Armstrong and Fred Ersamomy. As of 2021, it was the largest cryptocurrency exchange in the U.S. by trading volume. On April 14, 2021, Coinbase went public on the Nasdaq exchange through a direct listing. The company's shares are traded on the NASDAQ American Stock Exchange under the ticker COIN. The company's capitalization is almost $50 billion.

Let's look at the company's results for Q4 2021 compared to Q4 2020:

Number of monthly users (MTU) reached a whopping 11.4 million (versus 2.8 million). Trading volume of $547 billion compared to $89 billion ($1.671 billion in 2021 vs. $193 billion in 2020). The amount of funds on the platform has grown from 90 to 278 billion dollars.

Net revenue of $2.490 million was up from $497 million (2021 net revenue of $7.355 million vs. $1.141 million)

Net income of $840 million vs. $177 million ($3.624 million in 2021 vs. $322 million in 2020). Adjusted EBITDA $1.205 million vs $288 million; 2021 RD&S spending accounted for $1.413 billion.

Conclusion: 2021 has been a year of tremendous growth and development for the crypto economy, as well as for the company itself. Coinbase ended 2021 with strong key metrics that were either in line or exceeded the company’s and analyst expectations. In Q4 2021, the company generated $2.5 billion in net revenue, $840 million in net income and $1.2 billion in adjusted EBITDA. 2021 ended with 11.4 million users with monthly transactions ("MTU").