Coinbase Reports Smaller Q4 Losses and Revenues of $629 Million

Cryptocurrency trading platform Coinbase defies analysts' expectations with lower-than-expected Q4 losses and solid revenues of $629 million. The company reported a net income of $650 million, but a decline in interest in digital assets and regulatory pressure on the crypto market continue to be concerns.

Smaller-than-expected losses were reported for Q4 by cryptocurrency trading platform Coinbase on Tuesday, with revenues of $629 million.

- Advertisement -

Analysts’ expectations were for a loss of $585 million against revenue of $588 million, according to analysts surveyed by FactSet.

The company reported net income of $650 million, down from $2.49 billion a year ago.

Cryptocurrency exchange Coinbase presented its fourth-quarter financials after the Wall Street closing bell.

The plunge in cryptocurrency prices and a decline in interest in digital assets among investors wreaked havoc on Coinbase’s stock which has fallen by almost two-thirds in the past year.

Regulatory pressure on the crypto market, which has been caused since the collapse of rival exchange FTX in November amid allegations of fraud, has been another concern.

Federal regulators have been targeting competitors in recent weeks, scrutinizing “wagering” services and stablecoin products.

- Advertisement -

Read Next

Previous Articles:

- Advertisement -

Latest

Elon Musk’s X Launches XChats With “Bitcoin-Style” Encryption

X is introducing a new messaging feature called XChats, with "Bitcoin-style encryption" according to Elon Musk. XChats will offer advanced features such as audio/video calls,...

Monero Spy Node Map Shows Public XMR Nodes, Even in Antarctica

A new interactive map of public Monero (XMR) nodes has emerged, showing worldwide distribution including Antarctica.P2Pool released version 4.7 with support for a sidechain...

Bitcoin Climbs Above $105K; Signs Suggest Rally Nearing Top

Bitcoin holds above $105,000 in early week trading across Asia, though signals of “overheating” appear.CryptoQuant reports rising bitcoin demand and whale balances, with key...

GameStop Buys $512M in Bitcoin, Joins Corporate Crypto Trend

GameStop purchased 4,710 Bitcoin, valued at $512 million, as a corporate treasury asset. The company’s CEO called Bitcoin a hedge against inflation and systemic risk,...

Cryptocurrency Set to Dominate Asset Reserves by 2025

Digital assets are entering a new period of growth, with signs cryptocurrency will be prioritized for asset reserves by 2025. Fans Hash introduced mining tools...

Must Read

How Cryptocurrency Works For Beginners?

Welcome to the world of cryptocurrency! If you're new to this exciting and rapidly evolving landscape, you might feel like Alice in Wonderland, exploring...