Ethereum

2024

Million

Coinbase, the world’s most trusted cryptocurrency exchange, is all prepared to release its Q1 2024 earnings report after Thursday’s market close.&nbsp; &nbsp;
In the highly volatile market, Bitcoin’s acceptance by major institutions and the wake of the crypto-market rally is expected to benefit the crypto giant players. Coinbase, one of the biggest and most trusted crypto exchanges, will release its Q1 2024 earnings report on May 2.&nbsp;
Bitcoin’s (BTC) outstanding performance in March 2024 and Ethereum’s (ETH) plans for an upgrade over the year set high expectations for Coinbase’s profits.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<h2 class="wp-block-heading" id="strong-coinbase-q1-earnings-under-discussion-strong">Coinbase Q1 Earnings Under Discussion&nbsp;</h2>
After Thursday’s market close, Crypto exchange platform Coinbase will announce its Q1 earnings. The wake of the <a href="https://www.thecoinrepublic.com/2024/05/01/wormhole-crypto-shows-sideways-structure-can-it-hit-the-2-mark/" target="_blank" rel="noopener noreferrer nofollow">crypto</a>-market rally, including BTC and ETH, is expected to influence Coinbase’s profit positively.&nbsp;
On May 2, PhoenixNews.io took on X to make the community about Coinbase’s upcoming earning reports.&nbsp;&nbsp;
<blockquote class="twitter-tweet">
 [BARRONS] Coinbase Earnings Are Almost Here. A Bitcoin Boom Likely Bolstered Profits.<a href="https://t.co/8ZEwkOlznN" rel="noopener noreferrer nofollow">https://t.co/8ZEwkOlznN</a>— PhoenixNews.io (@PhoenixNews_io) <a href="https://twitter.com/PhoenixNews_io/status/1785882211000168449?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 2, 2024</a>
</blockquote>
According to Tradingview data, the estimated earnings per share (EPS) is pegged at $1.152, and the expected revenue will be around $1.36 billion. At the time of writing, Coinbase (COIN) was trading at $210.09 after a spike of 3.02% in one day.&nbsp;
Exploring the Q3 2023 earning report, announced on 16 February 2024, the exchange showcased an outstanding performance. The exchange reported $1.04 in EPS and around $826.105 Million in revenues.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Moreover, Recent euphoria around Bitcoin’s acceptance by major institutions amid ETFs is supposed to hold a firm place in COIN’s upcoming earnings report.&nbsp;&nbsp;&nbsp;
<h3 class="wp-block-heading" id="strong-is-bitcoin-the-catalyst-for-coinbase-s-performance-strong">Is Bitcoin The Catalyst For Coinbase’s Performance?&nbsp;</h3>
“Bitcoin hit a new all-time high, and Ethereum implemented its largest upgrade in over a year; as such, Coinbase earnings, as a key beneficiary of the activity, will likely step up significantly this quarter,” said J.P. Morgan.
BTC’s value spiked over 61% in the first quarter of this year due to the approval of 11 spot BTC ETFs. In the same way, BTC broke its all-time high record, hitting $73,000 on March 14, 2024.&nbsp;
At press time, BTC’s price was recorded at $57,758.21, after a surge of 0.60% daily with a market cap of $1,136,970,842,035 and $44,060,532,231 in 24-hour trading volume.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<h3 class="wp-block-heading" id="strong-coinbase-vs-bitcoin-alliance-bought-the-next-wave-of-adoption-strong">Coinbase Vs. Bitcoin: Alliance Bought The Next Wave Of Adoption&nbsp;</h3>
Coinbase has strong connections with Bitcoin, as its price and volatility depend on each other. Brian Armstrong, Coinbase’s CEO, announced support for the BTC Lightning Network to offer a cheaper and faster BTC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<blockquote class="twitter-tweet">
 Excited to be live on the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> Lightning network – let's get every transaction under 1 second and 1 cent to bring in the next wave of adoption. And huge shout out to <a href="https://twitter.com/lightspark?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@lightspark</a> for the excellent partnership. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f64f.png" alt="🙏" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/DwhnHZ6fqB" rel="noopener noreferrer nofollow">https://t.co/DwhnHZ6fqB</a>— Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1785334923068617037?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 30, 2024</a>
</blockquote> &nbsp;&nbsp; 
The support indicates Coinbase’s potential to handle challenges associated with this technology. Lightning Network is a payment solution on BTC that uses BTC transactions and time-locks. It generates nodes and channels that offer cheap and fast transactions.

Coinbase Earnings En Route: Bitcoin’s Role in Bolstered Profits?

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