{"id":206134,"date":"2024-02-16T01:07:03","date_gmt":"2024-02-16T01:07:03","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/02\/16\/coinbase-posts-first-profitable-quarter-in-2-years-as-ceo-keeps-pushing-for-regulations-we-remain-confident-that-the-u-s-will-get-this-right\/"},"modified":"2025-06-25T17:21:50","modified_gmt":"2025-06-25T17:21:50","slug":"coinbase-posts-first-profitable-quarter-in-2-years-as-ceo-keeps-pushing-for-regulations-we-remain-confident-that-the-u-s-will-get-this-right","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/02\/16\/coinbase-posts-first-profitable-quarter-in-2-years-as-ceo-keeps-pushing-for-regulations-we-remain-confident-that-the-u-s-will-get-this-right\/","title":{"rendered":"Coinbase posts first profitable quarter in 2 years as CEO keeps pushing for regulations: \u2018We remain confident that the U.S. will get this right\u2019"},"content":{"rendered":"<p> [ad_1]<br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/content.fortune.com\/wp-content\/uploads\/2024\/02\/coinbase-brian-armstrong-q4-earnings-e1708039378419.jpg?w=2048\" \/><\/p>\n<div data-cy=\"articleContent\">\n<p>After eluding profitability for two years, Coinbase executives celebrated posting $273 million in net income for the fourth quarter of 2023, putting the net profitability for all of 2023 at $95 million.\u00a0<\/p>\n<div class=\"paywall\">\n<p>Even before the earnings call, markets were reacting positively to <a href=\"https:\/\/fortune.com\/company\/coinbase\/\" target=\"_blank\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">Coinbase<\/a>, with shares on Thursday closing up 3.3%\u2014and rising about 13% after hours. Although there were mixed predictions among analysts on whether Coinbase would achieve quarterly profitability, JPMorgan raised its recommendation from underweight to neutral, which also helped in giving the stock price a bump, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-15\/coinbase-returns-to-profitability-after-crypto-market-rebound?sref=2jPYL79S\" target=\"_self\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">according to Bloomberg<\/a>.<\/p>\n<p><iframe aria-label=\"Interactive line chart\" id=\"datawrapper-chart-IVnYW\" frameborder=\"0\" height=\"400\" loading=\"lazy\" scrolling=\"no\" src=\"https:\/\/datawrapper.dwcdn.net\/IVnYW\/7\/\" style=\"border:none\" title=\"COIN shares from Feb. 15, 2023\" width=\"100%\"><\/iframe><\/p>\n<p>During the earnings call, CEO Brian Armstrong once again argued for the importance of crypto in the future of society, highlighting the push Coinbase is making to get more regulations in the U.S.\u2014and at times even criticizing peers.<\/p>\n<p>\u201cCoinbase has always taken a long-term approach focussing on building in a compliant manner, even when it wasn\u2019t the popular choice. Many of our competitors <a href=\"https:\/\/fortune.com\/crypto\/2024\/02\/13\/binance-founder-changpeng-zhao-sentencing-sam-bankman-fried\/\" target=\"_self\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">cut corners<\/a> and <a href=\"https:\/\/fortune.com\/crypto\/2023\/11\/02\/sam-bankman-fried-verdict-trial-ftx-fraud-jury-sdny\/\" target=\"_self\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">broke laws<\/a> to get big fast, and we\u2019ve seen how that strategy played out,\u201d Armstrong said.<\/p>\n<p>Coinbase CFO Alesia Haas acknowledged recent gains and volatility seen in the broader crypto markets, as well as the expectation and eventual approval of Bitcoin ETFs, which have helped push the price of the top cryptocurrency by market cap past $50,000.<\/p>\n<p><iframe aria-label=\"Interactive line chart\" id=\"datawrapper-chart-8jEDO\" frameborder=\"0\" height=\"400\" loading=\"lazy\" scrolling=\"no\" src=\"https:\/\/datawrapper.dwcdn.net\/8jEDO\/1\/\" style=\"border:none\" title=\"Bitcoin in 2024\" width=\"100%\"><\/iframe><\/p>\n<p>\u201cThe increase in volatility had a meaningful impact on our transaction revenue. We saw strong growth and reengagement from both simple and advanced traders. Notable average trading volumes materially increased among our advanced traders,\u201d Haas said on the call.<\/p>\n<p>Quarter over quarter, Coinbase saw a 78% jump in revenue from subscriptions and a $2.6 billion decline in operational costs. Fourth-quarter total revenue reached $954 million and for the year was $3.1 billion.\u00a0<\/p>\n<p>While some feared the newly launched Bitcoin ETFs could cannibalize some of Coinbase&#8217;s business, executives on the call didn&#8217;t seem nearly as concerned with that as they were with crypto innovation in the U.S. lagging behind other jurisdictions with established laws.<\/p>\n<p>Chief Operating Officer Emilie Choi echoed sentiments from Armstrong about finding the best path forward, with the CEO highlighting that Coinbase is supporting two bills currently in Congress. The company also has invested in <a href=\"https:\/\/fortune.com\/crypto\/2024\/02\/02\/pro-crypto-super-pac-fairshake-85-million\/\" target=\"_self\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">an $85 million pro-crypto super PAC<\/a> and is supporting the Stand with Crypto Alliance, which aims at registering crypto users to vote in the upcoming general election.<\/p>\n<p>\u201cWe remain confident that the U.S. will get this right,&#8221; Armstrong said, &#8220;whether it comes from the courts creating new case law, Congress passing new legislation, or ultimately the 52 million Americans who\u2019ve used crypto voting in this upcoming election.&#8221;<\/p>\n<\/div>\n<div class=\"sc-f923d9ed-0 dNwVje article\" data-cy=\"subscriptionPlea\">Learn more about all things crypto with short, easy-to-read lesson cards. Click here for <a href=\"https:\/\/fortune.com\/crypto\/crash-course\/\" target=\"_self\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">Fortune&#8217;s Crypto Crash Course<\/a>.<\/div>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/fortune.com\/crypto\/2024\/02\/15\/coinbase-profitable-quarter-ceo-brian-armstrong-u-s-will-get-this-right\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] After eluding profitability for two years, Coinbase executives celebrated posting $273 million in net income for the fourth quarter of 2023, putting the net<\/p>\n","protected":false},"author":1,"featured_media":206135,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[149],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/206134"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=206134"}],"version-history":[{"count":1,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/206134\/revisions"}],"predecessor-version":[{"id":343836,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/206134\/revisions\/343836"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/206135"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=206134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=206134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=206134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}