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Last10K.com | 10-Q Quarterly Report Fri May 14 2021
Exhibit 99.1
May 13, 2021
Fellow shareholders,
Welcome to our first shareholder letter following our direct listing on Nasdaq on April 14, 2021. In this letter, we will discuss our quarterly financial performance, provide product updates, share insights on the rapidly evolving crypto landscape, and provide our financial outlook.
Our strong Q1 2021 results reflect the strength of the crypto price cycle we entered in Q4 2020. We saw many crypto assets reach all time high prices, high levels of volatility, and increased interest across the entire cryptoeconomy. Crypto market capitalization reached nearly $2 trillion at the end of Q1 2021 compared to $782 billion at the end of Q4 2020. By the end of Q1, the price of Bitcoin had nearly doubled to approximately $59,000 compared to the end of 2020, and the price of Ethereum more than doubled during this same period to approximately $1,900. This market environment drove strong engagement with the Coinbase platform, reflected in retail, institutional and ecosystem partner growth across all key metrics including our Verified Users, retail Monthly Transacting Users (MTUs), Trading Volume, and Assets on Platform.
At the same time, we continued to see our growth flywheel in action. First, more participants than ever entered the cryptoeconomy in Q1. We now have over 56 million Verified Users, including more than 8,000 institutions, and over 134,000 ecosystem partners on our platform. Retail MTUs grew to 6.1 million in Q1 2021, more than double compared to Q4 2020. Second, we expanded the breadth and depth of the assets that we support. We added support for 7 new assets to trade and 13 new assets to custody. Adding support for new assets is an important driver of growth of Trading Volume and Assets on Platform. Lastly, we continued to launch innovative products that attracted new customers and deepened relationships with existing ones. For example, in Q1 we acquired Bison Trails--now part of our Coinbase Cloud offering--that will allow companies to send and store crypto, accept crypto payments, and build their businesses with crypto-native infrastructure.
Despite our strong Q1 results, the rapid expansion of the cryptoeconomy also creates challenges for Coinbase. Competition is increasing as new market entrants join the cryptoeconomy every month. Our competitors are supporting certain crypto assets that are experiencing large trading volume and growth in market capitalization that we do not currently support, as well as offering new products and services that we do not offer. We welcome these challenges as they indicate that the market we serve is growing rapidly, but we also have to continue to move quickly to address them, and that inspires us towards action and growth.
1
The following information was filed by Coinbase Global, Inc. (COIN) on Thursday, May 13, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Coinbase Global, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
- Voting Procedures
- Board Members
- Executive Team
- Salaries, Bonuses, Perks
- Peers / Competitors
SEC Filing Tools
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Convertible Preferred Stock And Stockholders' Equity
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Operations
2. Summary Of Significant Accounting Policies (Policies)
Accounts And Loans Receivable
Accounts And Loans Receivable (Tables)
Accounts And Loans Receivable - Narrative (Details)
Accounts And Loans Receivable - Schedule Of Accounts And Loans Receivable (Details)
Accounts Payable And Accrued Expenses
Accounts Payable And Accrued Expenses (Tables)
Accounts Payable And Accrued Expenses - Schedule Of Accounts Payable And Accrued Expenses (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - 2020 Schedule Of Assets Acquired And Liabilities Assumed (Details)
Acquisitions - 2020 Schedule Of Finite Lived And Indefinite Lived Intangible Assets (Details)
Acquisitions - 2020 Schedule Of Purchase Consideration (Details)
Acquisitions - Narrative (Details)
Acquisitions - Schedule Of Finite-Lived Intangible Assets Acquired (Details)
Acquisitions - Schedule Of Net Assets Acquired (Details)
Acquisitions - Schedule Of Purchase Consideration (Details)
Commitments And Contingencies
Common Stock
Common Stock (Tables)
Common Stock - Narrative (Details)
Common Stock - Schedule Of Shares Reserved For Future Issuance (Details)
Convertible Preferred Stock
Convertible Preferred Stock (Details)
Convertible Preferred Stock (Tables)
Convertible Preferred Stock - Narrative (Details)
Convertible Preferred Stock - Schedule Of Change In Convertible Preferred Stock Per Class (Details)
Derivatives
Derivatives (Tables)
Derivatives - Narrative (Details)
Derivatives - Schedule Of Cumulative Fair Value Hedge Basis Adjustments (Details)
Derivatives - Schedule Of Derivative Assets And Liabilities (Details)
Derivatives - Schedule Of Gains (Losses) Recorded In Income (Details)
Derivatives - Schedule Of Notional Amount Of Derivative Contracts Outstanding (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Schedule Of Assets Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements - Schedule Of Significant Unobservable Inputs (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Narrative (Details)
Goodwill And Intangible Assets - Schedule Of Future Amortization Expense (Details)
Goodwill And Intangible Assets - Schedule Of Goodwill (Details)
Goodwill And Intangible Assets - Schedule Of Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Nature Of Operations
Net Income Per Share
Net Income Per Share (Tables)
Net Income Per Share - Schedule Of Net Income Per Share (Details)
Net Income Per Share - Schedule Of Potentially Dilutive Shares (Details)
Prepaid Expenses And Other Assets
Prepaid Expenses And Other Assets (Tables)
Prepaid Expenses And Other Assets - Narrative (Details)
Prepaid Expenses And Other Assets - Schedule Of Other Investments Accounted For Under The Measurement Alternative (Details)
Prepaid Expenses And Other Assets - Schedule Of Prepaid Expenses And Other Current And Non-Current Assets (Details)
Revenue
Revenue (Tables)
Revenue - Narrative (Details)
Revenue - Schedule Of Revenue Disaggregated By Geographic Area (Details)
Revenue - Schedule Of Revenue Disaggregated By Source (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Schedule Of Restricted Stock Unit And Restricted Stock Activity (Details)
Stock-Based Compensation - Schedule Of Stock Based Compensation (Details)
Stock-Based Compensation - Schedule Of Stock Option Activity (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Material Contracts, Statements, Certifications & more
Coinbase Global, Inc. provided additional information to their SEC Filing as exhibits
Ticker: COIN
CIK: 1679788
Form Type: 10-Q Quarterly Report
Accession Number: 0001679788-21-000010
Submitted to the SEC: Thu May 13 2021 9:12:24 PM EST
Accepted by the SEC: Fri May 14 2021
Period: Wednesday, March 31, 2021
Industry: Finance Services
External Resources:
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