Benefiting from the surge in the cryptocurrency market, the fourth-quarter profit and trading revenue of US cryptocurrency exchange Coinbase exceeded analysts’ expectations. According to FactSet data, Coinbase’s fourth-quarter earnings per share were $1.04, far higher than the analysts’ predicted $0.02. The company also stated in a statement that its revenue of $9.538 billion surpassed analysts’ predicted $8.261 billion. Anil Gupta, Vice President of Investor Relations at Coinbase, stated in an interview with CoinDesk that the cryptocurrency prices have been rising for most of 2023, but the anticipation of a Bitcoin spot ETF has further fueled interest in digital assets, and the momentum has increased in the fourth quarter. This seems to have brought more business to Coinbase, with trading volume in the fourth quarter increasing by 100% compared to the third quarter, reaching $154 billion, higher than the expected $142.7 billion. Gupta stated that the ETF is indeed a win-win situation for Coinbase, and “I think we are beginning to see that reflected on the platform.” The exchange provides custody services for eight out of the ten US Bitcoin spot ETFs, making it an important participant in this business. Coinbase also reported an adjusted EBITDA of $964 million for 2023, which was previously predicted to achieve positive adjusted EBITDA in 2023. Coinbase expects to generate approximately $410 million to $480 million in subscription and service revenue in the first quarter of 2024, and has already made a profit of approximately $320 million before February 13. After rising by about 3% during regular trading hours, Coinbase’s stock price (COIN) surged over 14% in after-hours trading to $189.36. JPMorgan Chase raised its stock rating for Coinbase According to CoinDesk, before Coinbase announced its financial report, JPMorgan Chase raised its stock rating for the exchange from underweight to neutral, reflecting the recent surge in cryptocurrency prices after the approval of the US Bitcoin spot ETF. The target price remains unchanged at $80. JPMorgan Chase stated in the report that higher cryptocurrency prices are expected to improve the activity levels and profitability of the first quarter. Analysts stated that the approval of the Bitcoin spot ETF was initially a “sell-the-news” event, but “it has now turned into a meaningful Bitcoin rally.” However, the investment bank warned that after the stock price rose nearly 400% last year, based on its valuation analysis, Coinbase’s stock price may perform poorly in 2024. The report added that the
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