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.