{"id":41367,"date":"2024-04-17T13:51:57","date_gmt":"2024-04-17T13:51:57","guid":{"rendered":"https:\/\/crypto-globe.com\/coinbase-exchange-returns-to-profit-after-two-years-thanks-to-interest-in-cryptocurrencies\/"},"modified":"2024-05-06T08:35:07","modified_gmt":"2024-05-06T08:35:07","slug":"coinbase-exchange-returns-to-profit-after-two-years-thanks-to-interest-in-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/crypto-globe.com\/en\/coinbase-exchange-returns-to-profit-after-two-years-thanks-to-interest-in-cryptocurrencies\/","title":{"rendered":"Coinbase exchange returns to profit after two years thanks to interest in cryptocurrencies"},"content":{"rendered":"\n

U.S. cryptocurrency exchange Coinbase posted a profit in the fourth quarter for the first time in two years, thanks to high trading volume fueled by a resurgence in interest in cryptocurrencies. Net profit was USD 273.4 million (CZK 6.5 billion) after a loss of USD 557 million in the same period last year, the company said in a report to shareholders.<\/strong><\/p>\n\n

Growing interest<\/h2>\n\n

Interest in cryptocurrencies surged in the fourth quarter as the US Securities and Exchange Commission <\/strong>(SEC) approved the first bitcoin spot exchange-traded funds (ETFs). Shares of Coinbase<\/strong>, one of the largest cryptocurrency exchanges in the world, rallied sharply after the results were released.<\/p>\n\n

Earnings per share were $1.04, while analysts were expecting a loss of one cent. Net income rose nearly 50 percent to $905 million and also beat analysts’ expectations. The company said that transaction revenues were the main driver of growth, but subscription and service revenues also increased.<\/strong><\/p>\n\n

Approval of funds helped<\/h2>\n\n

Bitcoin ETFs <\/a>were approved in January, but an expected favorable decision by the exchange commission has already sharply increased the price of bitcoin in the last quarter of last year. Bitcoin<\/a> gained 57 percent, and Coinbase’s transaction revenue rose 64 percent to $529.3 million as a result. Subscriptions and Services division revenue increased 33 percent to $375.4 million. The company expects the division’s revenue to grow further in the first quarter to between $410 million and $480 million.<\/p>\n\n

Coinbase also serves as custodian for eight of the ten bitcoin ETFs. And as these funds raise funds, they should benefit from the rise in custody fees. In the fourth quarter, these charges increased 73 percent to $19.7 million.<\/p>\n\n

Source.<\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. cryptocurrency exchange Coinbase posted a profit in the fourth quarter for the first time in two years, thanks to high trading volume fueled by a resurgence in interest in cryptocurrencies. Net profit was USD 273.4 million (CZK 6.5 billion) after a loss of USD 557 million in the same period last year, the company […]<\/p>\n","protected":false},"author":2,"featured_media":40849,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"yasr_overall_rating":0,"yasr_post_is_review":"","yasr_auto_insert_disabled":"","yasr_review_type":"","footnotes":""},"categories":[162],"tags":[137,138],"class_list":["post-41367","post","type-post","status-publish","format-standard","has-post-thumbnail","category-crypto","tag-cryptoburza","tag-profit"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t