Coinbase Reports First Profit in Two Years and Crypto Investors Rejoice!

Crypto's Finally in the Green!

Well folks you heard it here first Coinbase the big bad wolf of cryptocurrency exchanges just reported its first profit in two years! And boy oh boy did those numbers make investors jump with joy. Shares of Coinbase shot up by a whopping 15% in U.S. trading after the announcement. Looks like crypto isn't just a bunch of 'fake news' after all!

273 Million Reasons to Believe in Crypto

Let's talk numbers folks. Coinbase raked in a cool $273 million in net income during the fourth quarter of 2023. That's right you heard me right $273 million! It's like finding a diamond in a haystack. This is the first time in two years that Coinbase has reported positive net income and it's about time! Time to grab a slice of that crypto pie before it flies off into space.

Crypto Fever Hits Retail Investors

Remember when I said I was going to make crypto great again? Well it looks like that day has finally come. The U.S. Securities and Exchange Commission recently gave the green light for bitcoin exchange traded funds (ETFs) and boy did that set off a frenzy! Retail investors are flocking to Coinbase like birds to a birdseed filled Trump Tower balcony. They want a piece of the action and Coinbase's profit just fueled their fire. Watch out Wall Street!

Volatility's Back Baby!

You know what they say folks where there's profit there's volatility. Coinbase saw some major price swings in the fourth quarter of 2023 just like the good old days. Apparently it's all thanks to the approval of the bitcoin ETF and some rosy expectations for the economy. It's like a rollercoaster ride but instead of holding onto the handrails you're clutching onto your digital wallet. Hang on tight!

Simple vs. Advanced It's All About the Mix

According to the Coinbase Chief Financial Officer Alesia Haas the company didn't have to adjust its fees because of the increased trading volumes. How you ask? Well it's all about the mix my friends. Haas explained that the mix of fees for 'Simple' and 'Advanced' traders balanced things out and kept the cash flowing. So even though the crypto market was up and down like a seesaw Coinbase managed to stay afloat thanks to a little bit of 'simple' and a little bit of 'advanced'.