By Vicky Ge Huang
Coinbase Global reported a surge in revenue and profit, benefiting from a post-election rally fueled by investor optimism about a crypto golden age under the Trump administration.
-- The biggest U.S. cryptocurrency exchange earned $1.3 billion last quarter, nearly fivefold what it made a year earlier. Net revenue more than doubled to $2.2 billion.
-- Both figures were considerably ahead of consensus estimates, a FactSet analyst poll showed.
-- Coinbase's customer base rose to 8.4 million monthly transacting users, up by 1 million from a year earlier.
Coinbase stock slipped in premarket trading Friday. They had surged more than 8% Thursday to $298 a share before results were released.
Major cryptocurrencies surged post-election and total trading volume-a crucial revenue driver for Coinbase-jumped to $439 billion, the highest quarterly tally since the end of 2021.
Coinbase, which has historically relied heavily on transaction fees from individual investors, continues to grow revenue from custody services and interest-earning assets.
Quarterly subscriptions and services revenue surged to $641 million. Coinbase helps store most of the assets in U.S. exchange-traded funds holding bitcoin and ether. Its custodial revenue more than doubled to $43 million.
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(END) Dow Jones Newswires
February 14, 2025 05:32 ET (10:32 GMT)
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