Coinbase Reports First Quarterly Profit in Two Years Amid Crypto Market Rally

The cryptocurrency exchange's financial turnaround is buoyed by SEC's approval of bitcoin ETFs and a surge in Bitcoin's price, despite ongoing regulatory challenges.

Coinbase Global reported its first quarterly profit in two years, driven by a surge in trading and optimism in digital assets, with a net profit of $95 million for the year.
The SEC's approval of spot bitcoin ETFs in early January, for which Coinbase serves as custodian for eight, has contributed to a significant market rally, with Bitcoin's price surpassing $52,000.
Coinbase's Q4 revenue reached $953.8 million, exceeding analyst expectations and marking a significant year-over-year increase.
Despite regulatory challenges, including a lawsuit from the SEC, Coinbase remains optimistic about the future of crypto regulation and its role in the industry.
Bitcoin's price has seen a significant recovery, more than tripling since last January and renewing investor interest amid expectations of a more favorable regulatory environment and technological advancements.