Coinbase has consistently exceeded earnings per share (EPS) estimates for the past four quarters, and there is anticipation among crypto analysts for this trend to persist in the upcoming week as Coinbase prepares to disclose its financial performance for the first quarter of 2024. This announcement has led to varying expectations between the crypto community and traditional investors regarding the anticipated figures. There is speculation brewing over whether the predictions from the crypto community will prove more accurate than those of typical investment analysts ahead of Coinbase's financial results announcement on May 2.

Kunal Goel, a researcher for crypto research company Messari, highlighted that his revenue estimates for Coinbase over the last three quarters have consistently surpassed consensus analyst estimates. He projected that Coinbase could generate approximately $1.5 billion in net revenue for Q1 2024, representing a significant 65% growth for the quarter compared to the consensus estimate of $1.2 billion for gross revenue.

Coinbase has also outperformed consensus earnings-per-share (EPS) estimates for the past four quarters, as well as consensus revenue in each period, according to a recent report from Zack’s Equity Research. Despite this track record, there are differing opinions among analysts covering Coinbase, with recommendations ranging from "buy" to "hold" to "sell."

Former CFO of Polygon Labs, Young Ko, expressed confidence that Coinbase's earnings could exceed estimates, citing potential catalysts such as a favorable outcome in its lawsuit against the United States Securities and Exchange Commission (SEC) and positive reports on its layer-2 Ethereum protocol Base revenue.

While there is optimism within the crypto community regarding the revenue potential from Base, some analysts caution that Wall Street may not fully appreciate its impact on Coinbase's earnings. However, there is general anticipation that revenue from Base could be a significant factor for Coinbase in the last quarter, potentially influencing its stock price.

Despite projections, Goel suggested that Coinbase may not "internalize" the revenue from Base for the past quarter, instead holding it in an on-chain entity to fund future growth. According to data from investment research firm Fintel, Coinbase's momentum score remains notably high compared to other prominent stocks such as Nvidia and Tesla.