Coinbase Stocks Jump 12% on Profit News

Coinbase Stocks Jump 12% on Profit News

February 16, 2024

Coinbase, the largest cryptocurrency exchange in the U.S., saw its stock surge by 12% during premarket trading following the release of its first profitable earnings report in two years. The company reported a net income of $273 million for the fourth quarter of 2023, marking a significant turnaround from previous quarters. With a net revenue of $905 million in Q4 2023, up nearly 50% from the previous year, Coinbase attributes much of its success to transaction revenues.

The surge in cryptocurrency interest, particularly in the fourth quarter of 2023, was driven by the approval of the first spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission. This development allowed retail investors access to bitcoin trading without directly owning the asset, leading to increased demand for cryptocurrencies. Coinbase anticipates continued growth fueled by the availability of bitcoin ETFs, especially among retail investors.

Despite heightened volatility in crypto prices during the fourth quarter of 2023, Coinbase experienced significant revenue growth, driven by increased transaction volumes. Consumer trading revenue reached $493 million, a notable 79% increase from the previous quarter. The company's CFO attributed this growth to a mix shift on the platform, with both Simple and Advanced trading segments experiencing growth, particularly during periods of market volatility.

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