Following a strong fourth-quarter earnings report, shares in cryptocurrency exchange Coinbase jumped by 12.7% in after-hours trading.
The company surpassed Wall Street expectations, reporting a net revenue of $905 million, which was a significant 45.2% increase from the previous quarter.
Additionally, the company saw a profit of $273 million, a significant improvement from the previous quarter’s loss of $2 million.
The majority of the revenue came from transaction fees, with $529.3 million generated in the consumer crypto trading market, which nearly doubled from the previous quarter. Institutional transaction revenue also saw a significant increase, reaching $36.7 million.
In addition, over $29 billion in trading volume was reported, a massive 164% increase from the previous quarter.
