Coinbase Shares Rise as Q1 Revenue Grows 23% From Q4 to $773M

Crypto exchange Coinbase (COIN) reported Q1 revenue of $773 million, exceeding analyst estimates of $655 million, according to FactSet, and up from Q4 revenue of $605 million.

Trading volume came in at $145 billion versus analyst estimates of $147.7 million for the quarter. Trading volume was roughly $146 billion in the fourth quarter.

Shares of Coinbase were up about 4% to $41.50 in after-hours trading Thursday. Shares are up about 40% this year alongside bitcoin’s rise of roughly 74% year to date.

Investors have been particularly interested in Coinbase’s recent unveiling of its derivatives exchange in Bermuda, which is part of the company’s expansion outside the U.S., because it could have a positive impact on revenues coming from fees. The initiative comes as regulators crack down on crypto companies in the U.S.

Coinbase is scheduled to have a call with analysts at 5:30 p.m. ET on Thursday.

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