Coinbase stock

Coinbase Stock Surges After First Quarterly Profit in Two Years

Discover why Coinbase's stock is soaring and polarizing, driven by impressive Q4 earnings and Bitcoin ETF excitement.

Coinbase shares surged after the company reported its first profit in two years, driven by a rise in Bitcoin prices. The surge in the fourth quarter boosted Coinbase's transaction revenue from $289 million to $529 million. Despite the positive activity and beating analysts' expectations for Q4 2023, opinions on Coinbase's future remain divided. While some view the momentum in bitcoin and other crypto prices as promising, others are skeptical about its sustainability.

The excitement around spot Bitcoin ETFs, approved by the SEC, contributed significantly to Coinbase's first profit in two years. This development led Coinbase's shares to approach a two-year high, reflecting the market's optimism towards the crypto exchange. Additionally, Keefe, Bruyette & Woods upgraded Coinbase stock to a Market Perform rating and raised its price target to $160, indicating further positive sentiment towards the company's performance.

The surge in Coinbase's stock this week, exceeding 30%, can be attributed to its strong earnings in the fourth quarter and the ongoing bullish trend in cryptocurrency prices. As Bitcoin and other digital assets continue to gain value, Coinbase remains at the forefront of crypto trading, driving its stock price to new heights.