Coinbase saw a spike in revenue and trading volume in the first quarter as interest in bitcoin jumped.
Though Elon Musk's about-face on bitcoin caused cryptocurrency prices to crash this week, bitcoin's price doubled from $29,333.61 to $58,734.48 over the course of the first three months of the year, according to CoinDesk.
The cryptocurrency company had total revenue of $1.8 billion in the first quarter of this year, with net income of $771 million and adjusted EBITDA of $1.117 billion. The company previously said it expected net income of $730 million to $800 million.
Institutional trading volume continued to be strong, with $215 billion in institutional trading volume in Q1 compared to $120 billion in retail volume. That's up from $57 billion in institutional volume in Q4 2020 and $32 billion in retail volume in Q4 2020.