{"id":10773,"date":"2024-02-16T19:01:31","date_gmt":"2024-02-16T17:01:31","guid":{"rendered":"https:\/\/forklog.com\/en\/coinbase-reports-273-million-quarterly-profit\/"},"modified":"2024-02-16T19:01:31","modified_gmt":"2024-02-16T17:01:31","slug":"coinbase-reports-273-million-quarterly-profit","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/coinbase-reports-273-million-quarterly-profit\/","title":{"rendered":"Coinbase Reports $273 Million Quarterly Profit"},"content":{"rendered":"<p>In the fourth quarter of 2023, the cryptocurrency exchange Coinbase reported a net profit of $273 million. For the year, the figure amounted to $95 million with total revenue of $3.1 billion, the company announced in a letter to investors.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Our Q4&#8217;23 and full-year 2023 update is in.<\/p>\n<p>Read the full shareholder letter and tune into our earnings call: <a href=\"https:\/\/t.co\/fod43YZKqw\">https:\/\/t.co\/fod43YZKqw<\/a> <a href=\"https:\/\/t.co\/DJ2NhFyfdU\">pic.twitter.com\/DJ2NhFyfdU<\/a><\/p>\n<p>\u2014 Coinbase ?\ufe0f (@coinbase) <a href=\"https:\/\/twitter.com\/coinbase\/status\/1758239866234839254?ref_src=twsrc%5Etfw\">February 15, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The company&#8217;s financial success was explained by <span data-descr=\"Chief Financial Officer\" class=\"old_tooltip\">CFO<\/span> Alesia Haas in an interview with <a href=\"https:\/\/www.youtube.com\/watch?v=Pxi7t0DUyqk\">CNBC<\/a>, citing several key factors.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cCryptocurrencies are a volatile space, and when we see increased volatility, our platform traditionally records high trading volumes. This was the situation at the end of the fourth quarter, driven by expectations of a bitcoin <a href=\"http:\/\/etf\">ETF<\/a> and confidence in an improved macroeconomic environment in 2024,\u201d she said.<\/p>\n<\/blockquote>\n<p>Coinbase acted as the custodian for nearly all spot bitcoin exchange-traded funds that received <a href=\"https:\/\/u1f987.com\/en\/news\/sec-approves-all-11-spot-bitcoin-etf-applications\">approval<\/a> from the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> in January.<\/p>\n<p>Amid the multibillion-dollar inflow of funds due to ETFs, JPMorgan upgraded the exchange&#8217;s rating from \u201cunderweight\u201d to \u201cneutral.\u201d Bank experts were concerned that expectations for the growth of the leading cryptocurrency were tied to unwarranted optimism about the influx of \u201cnew money\u201d into the market through exchange-traded instruments.<\/p>\n<p>JPMorgan analyst Ken Worthington acknowledged that the launch of ETFs, which \u201cseemed merely a promotional event,\u201d became a significant catalyst for the price of digital gold.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24COIN&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$COIN<\/a>: JPMorgan Upgrades to neutral from Underweight \u2014 PT $80<\/p>\n<p>JPMorgan had been quite concerned that the enthusiasm in Bitcoin over the last three months was being driven by unrealistic optimism for new money going into the cryptocurrency market through the newly approved and\u2026<\/p>\n<p>\u2014 *Walter Bloomberg (@DeItaone) <a href=\"https:\/\/twitter.com\/DeItaone\/status\/1758110854522814609?ref_src=twsrc%5Etfw\">February 15, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe believe that such an increase in bitcoin&#8217;s value supports the strengthening of inflows into spot funds, which in turn leads to a rise in asset prices and other tokens,\u201d he stated.<\/p>\n<\/blockquote>\n<p>CryptoQuant CEO Ki Young Ju noted the rise in the Coinbase Premium index. This metric measures the difference between bitcoin quotes on the American exchange and Binance. On February 15, the indicator rose to 0.12, the highest level since May 2023.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Meanwhile, on Coinbase, institutional brokers seem to be fulfilling client purchase orders for <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>.<a href=\"https:\/\/t.co\/CBvH58cfIG\">https:\/\/t.co\/CBvH58cfIG<\/a> <a href=\"https:\/\/t.co\/Opl3rAoCuR\">pic.twitter.com\/Opl3rAoCuR<\/a><\/p>\n<p>\u2014 Ki Young Ju (@ki_young_ju) <a href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1757931148498329655?ref_src=twsrc%5Etfw\">February 15, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cMeanwhile, on Coinbase, institutional brokers appear to be executing client orders for bitcoin purchases,\u201d he commented.<\/p>\n<\/blockquote>\n<p>After the market opened on February 16, Coinbase shares rose by 13.3%. The quotes approached $188, marking a new high for the year.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/JseBzn7Y3or3PKKR8q2Zp1p4xGccNhYeDmvPdjL2Uf1Ui8e8H7CqcFLtVIYVKVDaKINGjU13HGNEkiYQi_eIoecPAHlMYgrjcB7MfIfWxs-rZ1ZdF4pHj8DxlfFZ6Bg2ibq5-6xA4sTrMUowC6gHZQ8\" alt=\"Coinbase Reports $273 Million Quarterly Profit\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/www.marketwatch.com\/investing\/stock\/coin\">MarketWatch<\/a>.<\/figcaption><\/figure>\n<p>On April 14, 2021, the company went public on Nasdaq through a direct listing. On the first trading day, the stock price rose to $430, with a closing price of $328.<\/p>\n<p>Coinbase <a href=\"https:\/\/u1f987.com\/en\/news\/coinbase-declares-bitcoin-mainstream-following-etf-launch\">stated<\/a> that the launch of spot bitcoin ETFs in the U.S. has opened the doors for cryptocurrency to enter the mainstream.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the fourth quarter of 2023, the cryptocurrency exchange Coinbase reported a net profit of $273 million. For the year, the figure amounted to $95 million with total revenue of $3.1 billion, the company announced in a letter to investors. Our Q4&#8217;23 and full-year 2023 update is in. Read the full shareholder letter and tune [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,138,1252],"class_list":["post-10773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-coinbase","tag-reports"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10773","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=10773"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10773\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/10772"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=10773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=10773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=10773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}