Coinbase (COIN) put up stellar earnings:
Revenue: $953.8M (est $822M).
Earnings-per-share (EPS): $1.04 (est $0.01).
Net income: $273M (first positive net income in 2 years).
Trading volume: $154B (est $143B).
Coinbase became the custodian for 8 out of 11 Bitcoin ETFs and launched its own Layer 2 network, Base where COIN earns a small percentage. While some argue that COIN could suffer from fewer trades in Bitcoin as people may move it off the exchange and into Bitcoin spot ETFs, the net gain from rising BTC prices outweighs this.
COIN also correlates well with the price of BTC. BTC, though extended up here, should continue to trend higher overall if inflows into Bitcoin spot ETFs continue at the current pace of about $500 mil/day. Any selling of BTC Genesis unlock only amounts to about $1.5 billion.
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