The company swung to a staggering $1.2 billion profit, a stark contrast to the $79 million loss posted a year earlier.
Coinbase serves as the custodian for multiple spot Bitcoin ETFs, including BlackRock's iShares Bitcoin Trust, benefiting from renewed investor enthusiasm.
CEO Brian Armstrong credits cost management and innovation for Coinbase's success amid rising trading volumes.
Coinbase shares dipped 2.5% in after-hours trading on concerns over potential decreases in trading volumes amidst bitcoin price fluctuations.
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