In this illustrated photo, the Coinbase logo is displayed on a mobile phone screen.
Idris Abbas | SOPA Images | Light Rocket | Getty Images
Shares of cryptocurrency exchange Coinbase soared 13% in pre-market trading in the U.S. on Friday after the company reported its first profit in two years.
Coinbase, the largest cryptocurrency buying and selling site in the United States, announced fourth-quarter net income of $273 million.
Coinbase on Thursday announced fourth-quarter 2023 net revenue of $905 million, an increase of nearly 50% from $605 million in the same period last year.
Cryptocurrencies attracted significant investor interest in the fourth quarter of last year following news that the U.S. Securities and Exchange Commission approved the first spot Bitcoin exchange-traded fund (ETF). .
Bitcoin ETFs allow individual investors to access cryptocurrencies as stocks traded on regulated exchanges without direct exposure to the underlying assets.
This news has increased demand for cryptocurrencies, with hopes that it may increase interest from retail investors.
Coinbase said transaction revenue was the primary driver of revenue in the final quarter of 2023, adding that subscription and services revenue remained relatively flat.
This is breaking news and is being updated.
