Coinbase Reports Surging Revenue on Bitcoin Rally
Coinbase's business rises and falls in line with the crypto market. Bitcoin prices have roughly doubled over the past 12 months.
Coinbase lifted revenue 52% in the fourth quarter, reflecting how much the bitcoin market has recovered over the past 12 months. The crypto exchange turned a net profit of $273 million in the quarter, compared with a loss of $557 million a year earlier.
Revenue from consumer transactions, the biggest part of Coinbase’s business, jumped 59% to $492.5 million. Interest income also rose, reflecting higher interest rates prevailing in 2023.
Coinbase’s business rises and falls in line with the crypto market. Bitcoin prices have roughly doubled over the past 12 months.