Coinbase had a bumper first quarter, reporting $1.6 billion in revenue, an increase of 72% from the previous quarter, the company said after today's closing bell.

The company also reported a huge swing in net income, registering of $1.18 billion for the quarter, compared to a loss of $79 million in the same period of last year. Coinbase also generated $1.01 billion in EBITDA.

Earnings of $4.04 per share beat the consensus estimate of $1.15 per share, according to MarketWatch data.

"First quarter results reflect our investments in product expansion, continued operational discipline, and strong market conditions," the company said in its earnings statement. "Our market share in US spot and derivatives increased, we reached all-time highs on Coinbase Prime, and USDC market capitalization …