Coinbase results eyed amid crypto crash

A crash in the price of several cryptocurrencies earlier today is an unfortunate turn of events for digital currency exchange Coinbase Global Inc (NASDAQ:COIN) as it prepares to reports its first-quarter results after the closing bell, the first set of numbers since the firm entered the market through a direct listing in April. While interest in the crypto market has been at a fever pitch during 2021 so far, the company’s shares have struggled somewhat since their debut. The stock opened at around US$381, well above its reference price of US$250, but since then has declined to around US$283 as of Wednesday’s close. READ: Safello crypto exchange reports massively oversubscribed IPO With this in mind, Coinbase will be hoping to regain some momentum with its quarterly figures. The company previously forecast revenues for the three months of between US$730-US$800mln, although it has yet to provide any forward guidance for the rest of the year due to what it said was the “unpredictability” of the market in which it operates. Given the recent tumble in the prices of Bitcoin, Ethereum, Dogecoin and other digital currencies, this decision seems prescient. However, the company did offer three scenarios for its user base over the year, with the most optimistic forecasting 7mln monthly users. With this in mind, investors will be watching closely to see whether numbers for the first three months align with this goal. In mid-morning trading in New York on Thursday, shares in Coinbase were down 1.8% at US$278.70.