Cryptocurrency exchanges Coinbase and Jack Dorsey’s Block released big earnings reports on Thursday, sending Bitcoin prices above $61,000 by Friday morning.
The quarterly results highlighted the confidence crypto companies have in Bitcoin. Coinbase stock was down 1.5% in Friday morning trading, while Block stock was up about 6%.
Bitcoin boom accelerates Coinbase’s growth
Revenue reported by Coinbase The price was $4.40 per share, compared to analysts’ expectations of $1.15 per share. The company had revenue of $1.64 billion, compared to the average estimate of $1.36 billion.
Consumer transaction revenue for the quarter reached $935 million, an increase of more than 100% year over year. Total transaction revenue was $1.08 billion. This is almost triple the previous quarter.
Cryptocurrency exchange has been carried out, In the crosshairs of the Securities and Exchange Commission For the sale of unregistered securities; Spot Bitcoin ETF approved for Q1 of 2024 by the financial watchdog, and this was also a benefit for the company. Bitcoin and cryptocurrency markets have skyrocketed. and Coinbase partners with BlackRock To provide infrastructure for crypto-based funds.
Block plans to buy more Bitcoin
Block announced in its latest financial report that 10% of gross profits from Bitcoin products will be used to: buy bitcoin monthly.
Block reports revenue of $5.96 billionThis exceeded analysts’ expectations of $5.75 billion. Earnings per share were $0.85, exceeding expectations of $0.62. The company’s gross profit in the first quarter was $2.09 billion, up 22% on the year.
Block held 8,038 Bitcoins worth $573 million at the end of March.
“The Internet has a native currency. It’s only a matter of time,” Dorsey wrote in a May 2 letter to shareholders.
He added: “Artificial intelligence systems and agents will need to make transactions, and the most efficient way to do so will be a common protocol for transferring funds.”
