Coinbase Earnings: Booming Cryptocurrency Markets Drive Trading Volume and Earnings Higher

No-moat-rated Coinbase reported very strong first-quarter earnings as rising cryptocurrency prices and high volatility drove higher revenue across the firm's business. Net revenue increased 116% from last year and 75% from last quarter to $1.6 billion. Meanwhile, net income increased to $1.18 billion from a loss of $79 million last year, though this includes a $737 million gain from mark-to-market cryptocurrency assets.