In 2023, the shares of the American cryptocurrency company Coinbase rose by 400%. The improvement in its investment attractiveness was the result of the return of the bullish trend to the market.
Bitcoin last fall began to add value. In January this year, exchange-traded crypto funds ETFs that invest in BTC appeared in the United States.
The release of such an instrument led to BTC rising above $50,000 for the first time since 2021.
Coinbase Global reported a profit in the fourth quarter for the first time in two years. Its revenue increased by 51% to $953.8 million.
At the same time, analysts surveyed by Bloomberg had previously forecast Coinbase’s annual revenue at $826 million. The cryptocurrency company’s net income amounted to $273 million, while it posted a loss of $557 million in 2022.
Coinbase’s transaction fee revenue totaled $492.5 million, with revenue from processing institutional transactions more than doubling to $36.7 million in the fourth quarter.
The company said in a report prepared for investors that turbulence returned to the market in 2024 as a result of the launch of the bitcoin-ETF. Coinbase provides custodial services to eight ETF issuers.