Despite reporting strong fourth quarter results, Coinbase saw its shares fall in morning trading as it warned of a rockier Q1. Meanwhile, the crypto giant has brought in Goldman Sachs veteran Roger Bartlett as global head of financial operations.
Coinbase beat Wall Street expectations to record revenues of $2.5 billion in Q4, up from $585 million a year ago. Earnings for the quarter were $840 million, or $3.32 a share, up from $177 million, or $0.66 a share the previous year.
However, the company says that a decline in crypto asset volatility and crypto asset prices will see lower volume from retail monthly transacting users this quarter.
This contributed to Coinbase’s stock dipping three per cent in Friday morning trading. The stock is now about nearly 50% down since the firm went public last April.
Separately, Roger Bartlett ha joined Coinbase as global head of financial operations. Bartlett makes the move after 16 years at Goldman Sachs, most recently as MD, global co-head of operations and global markets.
In a LinkedIn post, Bartlett says “its time to embrace the cryptoeconomy,” adding: “The inspiring purpose led mission to create economic freedom in the world, in a customer first, automation first approach is a once in a lifetime opportunity to be part of building the next stage of the digital evolution”.
