Coinbase, the largest U.S. cryptocurrency exchange, has reported a successful final quarter of 2023.
The San Francisco-based company’s fourth-quarter 2023 results showed the company reported a profit of $273.4 million, compared with a loss of $557 million in the same quarter a year ago. In the third quarter of 2023, the exchange will reported It lost $674 million in revenue.
Coinbase also earns money from interest earned on the USD Coin (USDC) stablecoin. The product helped the exchange generate profits, rising nearly 18% to $171.6 million.
The exchange said it had strengthened its balance sheet by reducing debt by $413 million.
“Taken together, Coinbase is a fundamentally stronger company today than it was a year ago and is in a strong financial position to capitalize on the opportunities ahead,” the company wrote in a letter to shareholders.
Cryptocurrency exchanges listed in 2021I was doing well on the Nasdaq before earnings declined. And the market is reacting strongly to the report, with the stock rising 11% in after-hours trading.
COIN’s current price is over $165 per share, up 135% in the last 12 months.
After a difficult 2022 and 2023, the company’s situation has improved. Cruel Crypto Wintertiring regulatory action, lawsuit and fire.
In particular, the Securities and Exchange Commission (SEC), Wall Street’s top regulator, be sued The exchange claimed that it sold unregistered securities through its staking service last year. Coinbase is now go for it The lawsuit is dismissed.
Coinbase’s good quarter comes from an improved cryptocurrency market. Bitcoin shut up Throughout 2023 This is thanks to the cryptocurrency Exchange Traded Fund (ETF) proposal, which is receiving a lot of attention from Wall Street companies. subsequent approval ~ Of long-awaited product In January Helped with the price of assets.
Coinbase provides custody and other services to virtually all physical Bitcoin issuers. bigger player In the cryptocurrency field.
Editor: Andrew Hayward
