The actions of Coinbase Global They rose 14% at market close Monday, putting them on track for their biggest percentage gain since August. The move extends a positive streak in recent weeks, taking its progress this month to 48%according to data from Dow Jones Market. On this day and in the pre market, the cryptocurrency exchange’s shares rise up to 8%.
The largest cryptocurrency exchange in the United States recently posted a quarterly profit for the first time in almost two years. This positive result came after seven consecutive quarters of losses, which, added to the Bitcoin rally that reached US$57,000, moved the market needle.
Coinbase: what’s behind the rise
Coinbase Global (COIN) recently reported adjusted operating cash flow for the fourth quarter that represented more than 32% of revenue, equivalent to US$292 million. This suggests that almost a third of its income was deposited directly into the company’s bank account. If the current trend continues, there could be a significant increase in the company’s adjusted operating cash flow.
The company also reported Bitcoin outflows last week, reducing the holdings of the platform’s largest cryptocurrency to 390,000, equivalent to around $20 billion. These outflows are likely due to funds transferred to establish new custodial wallets or facilitate Over The Counter (OTC) transactions.
Coinbase (COIN), Ranked Zacks Rank #1 (Strong Buy), It is the largest cryptocurrency exchange platform in the United States. It facilitates the purchase, sale and storage of various digital assets, including popular cryptocurrencies such as Bitcoin and Ethereum.
As an easy-to-use platform, Coinbase allows individuals to create accounts, deposit funds, and trade cryptocurrencies. It provides a secure wallet for storing digital assets and offers additional features such as educational resources, price charts, and market information.
The exchange plays a fundamental role in the widespread adoption of cryptocurrencies, serving as a bridge between traditional financial systems and the evolving world of digital currencies. Additionally, Coinbase expanded its services to include features such as staking, lending, and a professional trading platform known as Coinbase Pro.
After a long and complex saga, the United States Securities and Exchange Commission (SEC) finally approved eleven Bitcoin ETFs that recently began trading. After more than a month in operation, the Bitcoin ETF lived up to expectations and has become the most successful ETF launch in history. For example, the Fidelity Wise Origin Bitcoin ETF Fund (FBTC) and the BlackRock iShares Bitcoin ETF Trust (BLK) have attracted more assets in the first month than any other ETF launched by the two financial giants. This is notable considering Fidelity has 65 active ETFs and BlackRock has 426. Coinbase, which is the custodian of almost all Bitcoin ETFs, benefits considerably.
Seth Klarman is a legendary value investor, billionaire, and one of the highest-earning fund managers in the world. In a recent interview, Klarman stated that he avoids cryptocurrenciesbut sees value in Coinbase, saying: “Coinbase has $5 billion in cash, has less than that in debt, and is doing smart things.”
Source: Ambito
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