Coinbase Global Inc. (NASDAQ:COIN) has experienced a significant surge in customer adoption and trading activity across its platforms, driven by the launch of several Bitcoin (CRYPTO: BTC) spot ETFs in the U.S. during the first quarter of 2024.
What Happened: Coinbase’s co-founder and CEO Brian Armstrong attributed the record growth to the excitement around Bitcoin ETFs. This led to all-time highs in trading volume and active clients, particularly in the institutional business.
“The excitement around Bitcoin ETFs drove new customer adoption across our product suite,” said Armstrong. “We saw all-time highs in trading volume and active clients, for instance, in our institutional business.”
The company’s institutional prime brokerage business, Coinbase Prime, also saw record levels of trading volume and active clients in the first quarter, driven by the Bitcoin ETF rollouts.
This resulted in a significant increase in other transaction revenue, previously included in consumer transaction revenue, primarily due to higher Base sequencer fees and payment-related revenue, as indicated by Coinbase CFO Alesia Haas.
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