Posted 2/15/2024, 10:09:35 PM
Coinbase Posts First Profit in 2 Years as Crypto Trading Rebounds
- Coinbase posted a profit of $273 million in Q4 2022, its first profit in 2 years, compared to a $557 million loss a year earlier
- Revenue jumped 51% to $954 million, beating expectations, led by increases in consumer and institutional trading revenue
- Share price rose over 15% in after-hours trading after the better-than-expected results
- Bitcoin spot ETF approvals and improving macro forecasts for 2024 drove increased crypto volatility and trading volume
- Coinbase serves as a custodian for 8 of the 10 Bitcoin spot ETFs, benefiting from growth in custodial fees