Coinbase posts $1.2B net income in Q1, surpasses entire 2023 earnings

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Coinbase has seen a strong rebound in its first quarter of 2024, boosted by growth in market performance and the launch of Bitcoin ETFs.

Crypto exchange Coinbase has reported a strong rebound in the first quarter of 2024, supported by an uptick in market performance and the launch of Bitcoin exchange-traded funds .

According to its earnings release, Coinbase’s net income benefited from $737 million in pre-tax unrealized gains on crypto assets. The firm ended the quarter with $7.1 billion in capital, including $1.1 billion in net cash raised through the Institutional transactions were also up during the quarter, generating revenue of $85 million, representing a 133% increase quarter on quarter. According to the exchange, trading volume on its platform for institutional clients, Coinbase Prime, grew 105% to $256 billion, also outperforming the U.S. spot market.

 

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