Dogecoin is coming to Coinbase Global, the company said on Thursday during a call with investors and analysts to discuss its first-quarter performance.
The plan is to list dogecoin in the next six to eight weeks, said CEO Brian Armstrong. The Coinbase COIN, -6.53% boss said that there is a need to accelerate the process of how the platform adds new digital assets to its suite of offerings.
Dogecoin DOGEUSD, +7.64%, a meme stock with a stratospheric rise in value so far this year, has been added by a number of rival platforms in recent weeks.
Coinbase’s main offerings include bitcoin BTCUSD, -0.13% and Ethereum’s Ether coins ETHUSD, -0.22% but it has steadily grown its plate of crypto assets.
The report on its plans to offer dogecoin come as the crypto platform reported first-quarter earnings of $ 3.05 per share, or $ 771.51 million, on revenue of $ 1.8 billion from $ 585 million in the previous period.
The results were mostly in line with investor expectations and matched the company’s preliminary report that was released ahead of its April 14 listing on the Nasdaq Inc. NDAQ, +1.60% Investors were expecting Coinbase to report EPS of about $ 3.07 on revenue of $ 1.814 billion, according to a consensus of analysts estimates polled by FactSet, as of May 12.
Coinbase shares closed down over 6.5% Thursday, but in extended trade were indicated flat, at last check.
Dogecoin prices have been on a major downtrend after hitting a record near 75 cents on Saturday, the day that crypto bull and big dogecoin supporter Elon Musk made his debut on sketch-comedy show “Saturday Night Live.”
At last check, dogecoin was changing hands at 41.5 cents, off 12%, but up more than 8,200% in the year to date. That compares with relatively mundane moves this year in more established assets. Gold futures GC00, +0.13% are down more than 3.5% in the year to date, while the Dow Jones Industrial Average DJIA, +1.29% is up over 11% so far in the year, the S&P 500 index SPX, +1.22% has gained about 9.5% and the Nasdaq Composite Index COMP, +0.72% is up 1.8% over the period.
On Thursday, Bloomberg News reported that the Binance, the largest crypto trading platform in the world by volume, was being investigated by the U.S. Justice Department and Internal Revenue Service.