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coinbase 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 . Q1 2021 Key Metrics and Financial Summary 1 Key Metrics Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Verified Users ( M ) 34 37 39 43 56 Monthly Transacting Users " MTU " ( M ) 1.3 1.5 Trading Volume ( $ B ) 30 Assets on Platform ( $ B ) 17 522 2.1 2.8 6.1 28 45 89 335 26 36 90 223 Financial Summary ( $ M ) Net Revenue 179 178 287 497 1,597 Total Revenue 191 186 315 585 1,801 Net Income 32 32 81 177 771 Adjusted EBITDA1 55 61 123 288 1,117 For a reconciliation of net income to Adjusted EBITDA , please refer to the reconciliation table in the section titled " Reconciliation of Net Income to Adjusted EBITDA " , following the financial statements included at the end of this shareholder letter .