By Ovunc Kutlu
ISTANBUL (AA) — US-based cryptocurrency exchange platform Coinbase saw its first income gain in two years, as demand for cryptos are on the rise.
Coinbase posted a net income of $273 million in the fourth quarter of 2023, according to its financial results statement released late Thursday.
The figure is a recovery from a $2 million loss recorded in the third quarter and an even greater comeback from $557 million net loss in the final quarter of 2022.
For the full year of 2023, the company saw a net income of $95 million, a significant rebound from a $2.62 billion net loss for all of 2022.
The Coinbase stock price was up 15.1% at 12.44 p.m. EDT (1744GMT) Friday on the Nasdaq.