"Coinbase's Quarterly Profit Sparks Bullish Surge in Stock and Crypto Exchange Outlook"

Coinbase shares surged 15% after reporting its first profit in two years, with net income totaling $273 million in the fourth quarter of 2023. The company's net revenue was $905 million, up nearly 50% from the previous year, driven by heightened interest in cryptocurrencies following the approval of the first spot bitcoin exchange-traded funds. Transaction revenues were the primary driver, with consumer trading revenue reaching $493 million for the quarter. Despite increased trading volumes, Coinbase did not have to adjust fees, supported by a mix of fees for "Simple" and "Advanced" traders.