By Kenny S – Bitcoin Enthusiast - 11-08-2021
The popular cryptocurrency exchange platform Coinbase has been outperforming all profit forecasts in recent months in the stock market. The company's shares had risen in the early hours for trading today, with the price increasing above the estimates given by Wall Street.
Wall Street provided investors with a quarterly stock price estimate, to which Coinbase had proven to surpass the second quarterly forecast predictions. Despite this achievement for COIN, stock analysts have cautioned investors that this growth may soon be stunted due to regulation.
The exchange platform where many new and experienced traders invest in cryptocurrency has seen a recent surge in price for its shares. The cost to buy crypto shares from Coinbase rose by 4.7%, reaching the price of $282.34. Even COIN bids increased to $294 within the early trading hours before dropping below $280. Coinbase has proven to produce solid quarterly results while finishing the first half of 2021.
Compared to the previous quarter, the exchange platform has seen a 27% increase in its net revenue, rising to $2.3 billion with an average of increasing 1,042% yearly. Within the same period, Coinbase's net income has increased dramatically from $32 million to $1.6 billion. Reportedly, the financial wealth increase comes from entities who buy Bitcoin (BTC) on the platform.
Even while analysts predict prevention in further growth for COIN, the CEO of Coinbase, Brian Armstrong, is already seeing more potential opportunities to expand the company. He mentions how the company has already focused on foreign expansion to increase decentralisation and add more crypto assets. Furthermore, Armstrong stated that he plans on making Coinbase the "Amazon of assets" and to be able to possess and sell every legal crypto asset.