Coinbase achieved a profit of $273 million in the fourth quarter, with a significant rise in volume.

A well-known cryptocurrency exchange platform experienced a market rebound in the fourth quarter, with revenue rising 41% quarter-on-quarter to $953.8 million, exceeding analysts' expectations.

The platform's trading revenue soared to $529 million within three months, an 83% rise compared to the third quarter, driving the overall revenue improvement.

The platform reported a net profit of $273 million, marking the first profitable quarter of 2023. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose by 69% compared to the previous quarter, reaching $305 million. This marks the company's fourth consecutive quarter of positive adjusted EBITDA, compared to a loss of $557 million in the same period last year.

Analysts previously predicted that the surge in cryptocurrency prices by the end of 2023 would drive an increase in volume and ultimately boost revenue. Before the U.S. Securities and Exchange Commission approved the first U.S. spot Bitcoin ETFs in January of this year, the price of Bitcoin rose by over 50% in the fourth quarter of 2023.

The platform's total volume in the fourth quarter reached $154 billion, with retail volume at $29 billion, a quarter-on-quarter rise of 164%. Institutional volume reached $125 billion, an increase of 92% compared to the previous quarter.

In addition to the increase in volume, subscription and service revenue also rose to $375 million, a 12% increase from $334 million in the third quarter. This business includes revenue from stablecoins and custody fees, as well as blockchain rewards and interest income.

The platform's Vice President of Investor Relations stated, "ETFs are a win-win for the company, and we are already starting to see this in action on the platform." The cryptocurrency exchange provides custody services for 8 out of the current 10 spot Bitcoin ETFs, becoming a key player in the business.

The company's stock price rose 3.3% on Thursday. As of 4:25 PM Eastern Time, the company's stock price increased by about 7.2% in after-hours trading.