Coinbase Gains After Beating Estimates, CEO Sees It As Amazon Of Assets

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Coinbase Gains After Beating Estimates, CEO Sees It As Amazon Of Assets
Credit: © Reuters.

By Dhirendra Tripathi -- Coinbase stock (NASDAQ: COIN ) was up 2.7% in Wednesday’s premarket trading as its second-quarter numbers comfortably beat estimates and the chief executive exuded confidence in the crypto exchange being the “Amazon of assets” that will list every legal crypto asset on its platform.

The exchange benefited from the surge in trading volumes on the platform as digital assets attracted more followers even as Bitcoin 's contribution decreased.

Trading volumes surged more than 16 times from the year-ago quarter to $462 billion in April-June while approximately 24% of the total volume was concentrated in Bitcoin, down from 39%. This was because total Bitcoin volume fell as a percentage of global exchange spot volume and activity in other cryptos, particularly Ethereum , picked up.

The exchange plans to grow the number of assets listed on its platform, with Chief Executive Officer Brian Armstrong stating that he wants Coinbase to be the "Amazon of assets" and list every legal crypto asset on its platform, according to Reuters.

June-quarter net income at Coinbase was $1.6 billion on net revenue of $2 billion. Adjusted earnings per share on diluted basis was $3.45.

Analysts expected the company to report an EPS of $2.31 on revenue of $1.73 billion.

Coinbase’s results had a rub-off effect on other crypto-related companies. Bitcoin miner Hut 8 (TSX: HUT_t ) jumped 5.6%. Riot Blockchain (NASDAQ: RIOT ) rose 2% and Marathon Digital (NASDAQ: MARA ) gained 1.5%. MicroStrategy (NASDAQ: MSTR ) was up 1.7% and Bit Digital (NASDAQ: BTBT ) 1.4%.


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