The craving for Ethereum among Coinbase users is growing. Data released yesterday by the cryptocurrency platform shows that Ethereum’s trading volume exceeded those on Bitcoin for the first time during the second quarter of 2021. The company, which went public last April, reported that the volume total trading has diversified considerably with bitcoin now catalyzing around 24% of total trading volume on the platform, well below 39% in the first quarter.
Coinbase’s second quarter numbers
Coinbase posted revenue of $ 2.23 billion in the second quarter, higher than the consensus Refinitiv’s $ 1.78 billion. Coinbase’s earnings per share was $ 3.45, again above expectations. The company’s net income for the quarter was $ 1.6 billion, up nearly 4,900 percent from the prior year.
Users transacting monthly grew to 8.8 million, or 44% more than the previous quarter, while trading volume increased 38% to $ 462 billion from the previous quarter.
Although the company has not offered any formal guidance, the expectation is for lower trading volume in the third quarter than in the second quarter.
Title reacts well, but IPO post levels are still a long way off
Positive reaction of the stock on Wall Street with + 3.6% in the pre-market in the $ 280 area. Coinbase went public last April at a price of $ 381 per share and was briefly valued at up to $ 100 billion. At yesterday’s closing price, Coinbase shares were down about 29% from the company’s direct listing, while the Nasdaq rose nearly 7% over the same time frame.