Brian Armstrong Hails Bitcoin ETFs As 'Win-Win' For Coinbase —Here's Why
Portfolio Pulse from Mehab Qureshi
Coinbase Global Inc (NASDAQ:COIN) reported a doubling in trading volume in Q4, with $154 billion traded. CEO Brian Armstrong highlighted the success of Bitcoin ETFs, noting Coinbase's significant role in custodying 90% of the $36 billion in Bitcoin ETF assets. The company's Q4 earnings exceeded expectations, with earnings of $1.04 per share and revenue of $953.8 million. Armstrong attributed part of this success to the growing appeal of Bitcoin ETFs, which have seen over $4 billion in net inflows. He also mentioned Coinbase's involvement in supporting pro-crypto candidates in the U.S. election through a Super PAC.
February 16, 2024 | 5:22 am
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POSITIVE IMPACT
Coinbase Global Inc reported significant growth in Q4, with trading volume doubling and earnings surpassing expectations. The success of Bitcoin ETFs, where Coinbase plays a major role, contributed to this performance.
The positive earnings report and the strategic positioning of Coinbase in the Bitcoin ETF market are likely to boost investor confidence and potentially drive up COIN's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100