Coinbase reported first profit in two years, with Q4 net income of $273M and a 51% revenue increase, boosting COIN shares...
Coinbase’s remarkable success can be attributed to several key factors, as outlined by CFO Alesia Haas. During an“Crypto is a volatile space, and when we see increases in volatility, it has long attracted more trading volume to our platform, and that’s exactly what we saw in the late fourth quarter sparked by the Bitcoin ETFs sparked by a belief that the macroeconomic environment would improve in 2024.
egal experts have been leaning towards Coinbase’s position. For example – Elliot Z. Stein, Senior Litigation Analyst at Bloomberg Intelligence, believes Coinbase has a 70% chance of winning. Wood is also optimistic about Coinbase’s odds, pointing to victories in cases like Ripple and Grayscale.Profits have propelled the shares of the exchange higher. COIN recorded an over 14% increase in after-hours trading on 15 February. At the close of the market, the stock was priced at $165.67, marking an increase of $5.29 or 3.30%. Moreover, both Coinbase and Bitcoin are up more than 20% month-to-date.
Interestingly, on 14 February, ARK sold off 214,068 COIN. However, Wood emphasized that it was merely an instance of trimming positions to realize profits without further implications.this year. It aims to leverage its layer-2 blockchain, Base, to explore and enhance blockchain utility. Additionally, the exchange is committed to continuing its regulatory efforts for both itself and the broader Web3 industry.
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