Coinbase Reports First Quarterly Profit in Two Years, Stock Soars

Coinbase's Q4 earnings surpass analyst expectations, marking a significant turnaround with a net income of $273 million and a stock price surge to a near two-year high.

Coinbase's Q4 results beat analyst estimates, with a net income of $273 million, ending a run of seven straight quarters with a net loss.
The company's stock price reached its highest point in nearly two years, peaking at $193.64, and closed up nearly 15% on the day.
Coinbase's adjusted EBITDA for Q4 was $305 million, contributing to a total of $964 million for 2023, indicating a year of successful diversification and expense management.
Retail trading volume increased significantly, with Coinbase's transaction revenues rising by 83% quarter over quarter to $529 million.
Despite concerns, the launch of spot bitcoin ETFs in January is seen as a positive development for Coinbase, with the company serving as custodian for eight of the ten approved ETFs.