Coinbase Posts First Profit in Two Years on Strong Trading

IndustryTrends

The U.S. SEC's approval of the first spot bitcoin ETFs in January sparked a crypto surge, lifting bitcoin's price by 57% in Q4 2023.

Coinbase forecasts revenue from its unit to range between $410 million and $480 million, exceeding LSEG's estimate of $356.22 million, with a 33% revenue increase in Q4.

Stablecoin revenue, particularly from its partnership with Circle issuing the USD Coin (USDC), contributed significantly to Coinbase's Q4 revenue growth.

Coinbase has benefited from higher income due to the Federal Reserve's interest rate hikes, which have boosted interest on reserves backing USDC.

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