The American crypto exchange presented reassuring financial results for the last quarter.
The spring of cryptocurrencies, with bitcoin above $50,000 for a week, also benefits Coinbase. The American cryptocurrency exchange revealed its results this Thursday, with a 64% increase in revenue compared to the previous quarter, to $529 million, and a profit quarterly net of $275.68 million.
The platform boasts many more exchanges than last year thanks to the enthusiasm of spot bitcoin ETFs which attracted new investors. A trend which could also be explained by the running out of steam of another crypto giant: Binance, which remains timid since paying a record fine to the American justice system.
In addition, Coinbase has played the game of forecasts for the year 2024. The company expects that revenues from subscriptions and services will rise further with fees that will not go down.
“I think there’s been concern about cost compression for years. We haven’t seen it,” said Alesia Haas, chief financial officer. of the company.
Coinbase also allayed investors’ concerns about its declining market share and the competition coming to this crypto sector. For the moment, the platform is holding up compared to giants like Robinhood or even Fidelity investment, which launched its bitcoin spot ETF in mid-January with 9 other giants, including Blackrock.
The action of Coinbase, which is listed on the Nasdaq, takes more than 15% in pre-opening with a recommendation increase from JP Morgan which goes from “underweight” ( equivalent to sell) to neutral (hold) for Coinbase stock.
Source: https://www.bfmtv.com/crypto/le-geant-des-cryptos-coinbase-profite-de-l-euphorie-autour-des-etf-bitcoin-spot_AV-202402160303.html
