In U.S. premarket trading on Friday at 10:05 London time, shares of cryptocurrency exchange Coinbase surged 12% following the company’s announcement of its first profit in two years.
The biggest cryptocurrency marketplace in the United States, Coinbase, reported a $273 million net income for the fourth quarter.
Since the end of 2021, the corporation has not produced positive net income until this current quarter.
In the fourth quarter of 2023, Coinbase’s net revenue was $905 million, up over 50% from $605 million in the same period the year before, the company announced on Thursday.
Following the announcement that the U.S. Securities and Exchange Commission had approved the first spot bitcoin exchange-traded funds (ETFs) — for bitcoin — investors showed a great deal of interest in cryptocurrencies in the fourth quarter of last year.
Source (CNBC)
