Coinbase and Block make record profits

The two cryptocurrency giants unveiled promising results on Wall Street on Thursday, taking advantage of investor euphoria over bitcoin.

Corporate results are monopolizing attention on the markets this week. This is also the case for the crypto industry. Thursday evening, the giants Coinbase and Block published their results after the close of Wall Street.

And we can say that it’s solid, especially for Block, Jack Dorsey’s company specializing in crypto technology applied to payment infrastructure. The company doubled its year-over-year profit in the first quarter to $542 million, allowing it to raise its annual profit forecast from $2.6 billion to $2.76 billion thanks to good momentum in consumer spending which boosted its payment app business, Cash App.

Block also announced that it would reinvest 10% of its gross profit per month in bitcoin purchases in order to ensure a large monetary mass to support all of its activities. This is a good signal for the entire industry.

Profit explosion

For its part, Coinbase, the American crypto exchange, recorded a considerable increase in its profit in the first quarter, which went from a loss of $79 million a year ago to a profit of $1.2 billion. Coinbase is taking advantage of its major role as curator of bitcoins backed by spot bitcoin ETFs launched in mid-January in the United States and this week in Hong Kong.

These two financial results are therefore very good news for the industry. Likewise, shares of Block and Coinbase were up sharply in the aftermarket last night, hovering between 8 and 10%.