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REMOTE FIRST COMPANY // NEW YORK -- April 6 , 2021 -- Coinbase Global , Inc. ( the " Company " ) today issued estimated results for its first quarter ended March 31 , 2021 and an outlook for the full year ending December 31 , 2021 . First Quarter 2021 Estimated Results * For the first quarter of 2021 , the Company currently expects the following as of or for the three months ended March 31 , 2021 : ● ● ● Coinbase Announces First Quarter 2021 Estimated Results and Full Year 2021 Outlook ● ● Verified Users of 56 million Monthly Transacting Users ( MTUs ) of 6.1 million Assets on Platform of $ 223 billion , representing 11.3 % crypto asset market share O Includes $ 122 billion of Assets on Platform from Institutions Trading Volume of $ 335 billion Total Revenue of approximately $ 1.8 billion Net Income of approximately $ 730 million to $ 800 million Adjusted EBITDA of approximately $ 1.1 billion * This information is based on information available to the Company as of the date of this release and is subject to the completion of its quarterly financial closing procedures and review by the Company's independent registered public accounting firm . Crypto price cycle overview Crypto markets have observed four major price cycles since 2010 which have typically had durations ranging from two to four years . On average , these price cycles have increased the overall crypto market capitalization significantly from the prior cycle and attracted new users into the cryptoeconomy . These cycles can be highly volatile , and as a result , we measure our performance over price cycles in lieu of quarterly results . We believe that we can create long - term value throughout these price cycles . Impact of crypto prices on Coinbase's results MTUS , Trading Volume , and therefore transaction revenue currently fluctuate , potentially materially , with Bitcoin price and crypto asset volatility . This revenue unpredictability , in turn , impacts our profitability on a quarter - to - quarter basis . In terms of expenses , we intend to prioritize investment , including in periods where we may see a decrease in Bitcoin price . This is because we believe that scale is central to achieving our mission and it is still early in the development of this industry . Full - Year 2021 Outlook Our approach to public outlooks will be to provide transparency consistent with the internal plans we use to manage our business . Given the inherent unpredictability of our business mentioned above , we are providing a range of possible scenarios for full - year 2021 : 2021 Annual Average MTU possible scenarios Our transaction revenue is currently highly correlated to MTUS . Looking to full year 2021 , we present three possible scenarios for annual average MTU : ● High : Average 2021 MTUs of 7.0 million . This scenario assumes an increase in crypto market capitalization and moderate - to - high crypto asset price volatility . In this scenario , we expect that MTUS continue to grow for the remainder of 2021 .