The exchange reported a quarterly profit of $273.4 million.
It generated a transaction revenue of $529 million, a surge of 84 percent.
California-headquartered Coinbase (Nasdaq: COIN) has reported a profit of $273.4 million or $1.04 per share in the fourth quarter of 2023, beating an expected loss of expected loss of 1 cent per share, according to LSEG data. It was the first quarterly profit of the crypto exchange since 2021.
For comparison, the exchange generated a loss of $2 million in the third quarter of 2023 and a loss of $557 million in the last three months of 2022, showing a massive recovery.
The market quickly reacted to the solid numbers as the value of publicly listed shares of the crypto exchange jumped 14.2 percent in after-hours trading. Coinbase shares are still trading at a heavy discount from its listing price in April 2021.
Revenue Receives a Boost
The profit for the three months between October and December was generated on revenue of $953.8 million, which also exceeded the analysts’ expectation of $826.1 million. The figure elevated 41 percent quarter-over-quarter.
Furthermore, the transaction volume surged 84 percent quarter-over-quarter to $529 million, primarily driven by the volatility and demand for cryptocurrencies. Revenue from its subscription services reached $375.4 million, an increase from the previous quarter’s $826.1 million.
The quarterly demand surged when the market anticipated the approval of Bitcoin exchange-traded funds (ETFs) in the United States. The securities market regulator approved the much-awaited instrument in January.
“ETFs have just been net positive for the industry and additive to Coinbase,” said Alesia Haas, the Chief Financial Officer at Coinbase.
Solid Forecasts
The crypto exchange is expected to generate better results in the ongoing first quarter 2024. It has already generated about $320 million in transaction revenue until February 13. From the subscription and services unit, the exchange is expecting to generate between $410 million and $480 million.
Meanwhile, the legal battle between Coinbase and the Securities and Exchange Commission is ongoing. The exchange is now strengthening its presence in the overseas markets, particularly in Europe, with multiple new licenses.
“Coinbase has always taken a long-term approach focussing on building in a compliant manner, even when it wasn’t the popular choice. Many of our competitors cut corners and broke laws to get big fast, and we’ve seen how that strategy played out,” Coinbase’s CEO, Brian Armstrong, said during the earnings call.
California-headquartered Coinbase (Nasdaq: COIN) has reported a profit of $273.4 million or $1.04 per share in the fourth quarter of 2023, beating an expected loss of expected loss of 1 cent per share, according to LSEG data. It was the first quarterly profit of the crypto exchange since 2021.
For comparison, the exchange generated a loss of $2 million in the third quarter of 2023 and a loss of $557 million in the last three months of 2022, showing a massive recovery.
The market quickly reacted to the solid numbers as the value of publicly listed shares of the crypto exchange jumped 14.2 percent in after-hours trading. Coinbase shares are still trading at a heavy discount from its listing price in April 2021.
Revenue Receives a Boost
The profit for the three months between October and December was generated on revenue of $953.8 million, which also exceeded the analysts’ expectation of $826.1 million. The figure elevated 41 percent quarter-over-quarter.
Furthermore, the transaction volume surged 84 percent quarter-over-quarter to $529 million, primarily driven by the volatility and demand for cryptocurrencies. Revenue from its subscription services reached $375.4 million, an increase from the previous quarter’s $826.1 million.
The quarterly demand surged when the market anticipated the approval of Bitcoin exchange-traded funds (ETFs) in the United States. The securities market regulator approved the much-awaited instrument in January.
“ETFs have just been net positive for the industry and additive to Coinbase,” said Alesia Haas, the Chief Financial Officer at Coinbase.
Solid Forecasts
The crypto exchange is expected to generate better results in the ongoing first quarter 2024. It has already generated about $320 million in transaction revenue until February 13. From the subscription and services unit, the exchange is expecting to generate between $410 million and $480 million.
Meanwhile, the legal battle between Coinbase and the Securities and Exchange Commission is ongoing. The exchange is now strengthening its presence in the overseas markets, particularly in Europe, with multiple new licenses.
“Coinbase has always taken a long-term approach focussing on building in a compliant manner, even when it wasn’t the popular choice. Many of our competitors cut corners and broke laws to get big fast, and we’ve seen how that strategy played out,” Coinbase’s CEO, Brian Armstrong, said during the earnings call.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
SEC Plans Legal Action Against Web 3 Firm Immutable
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24