Coinbase off to a strong start to 2023 with increased trading volume: Cowen

Exchanges • February 3, 2023, 8:37AM EST
The Block

Quick Take

  • Total trading volume in January of $55 billion is a 58% increase over the previous month.
  • Daily volume is averaging $1.8 billion, the highest since August, which had daily volume at $1.9 billion.

Coinbase is off to a "strong start" in 2023 with a rebound in trading volume, Cowen analysts said.

Total trading volume in January of $55 billion is a 58% increase over the previous month and average daily volume of $1.8 billion is the highest since August, which had daily volume of $1.9 billion, analysts Stephen Glagola and George Kuhle wrote in a Feb. 2 note. 

Shares in Coinbase jumped 24% yesterday to the highest in nearly three months after a lawsuit alleging it sold unregistered securities was dismissed.

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The daily average crypto market cap in January was $949 billion, a 14% increase from December.

Should the cadence of trading remain, revenue for the first quarter should come in around $652 million, compared to Cowen's current estimate of $518 million and the average consensus of $604 million.


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About Author

Christiana is a long-time journalist who has written about markets in the Americas, politicians who stashed cash in their underwear and high-end heels, to name just a few. She previously spent six years at Bloomberg, and her work has appeared in the WSJ, LA Times, Insider, Vogue Business and more. Christiana has a bachelor's degree in English from Pace University and a master's degree in journalism from New York University. She completed a master's degree in media psychology for fun.

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