Coinbase Q1 revenue jumped nine-fold to about $1.8 billion ahead of company’s public market debut

Coinbase Q1 revenue jumped nine-fold to about $1.8 billion ahead of company’s public market debut

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.

Coinbase is poised to become the latest tech company to hit the market with a massive valuation, capitalizing on continued growth in the sector despite broader economic struggles caused by the coronavirus pandemic. Trading on the private market has valued the company at $68 billion, a number that swells to about $100 billion when factoring in a fully-diluted share count.In the past seven months, software vendor Snowflake, food delivery app DoorDash, room-sharing site Airbnb and gaming platform Roblox have all gone public. Their market caps are currently between $40 billion and $113 billion.Coinbase is unique because its valuation increase mirrors the trajectory of the top cryptocurrencies. Bitcoin is up about