Coinbase Profit Surges During Bitcoin’s Wild Rally and Selloff

Coinbase Profit Surges During Bitcoin’s Wild Rally and Selloff

Coinbase Global Inc.’s fourth-quarter income more than quadrupled as the largest U.S. cryptocurrency exchange benefited from a manic quarter that saw bitcoin set a record before dropping sharply.

For the fourth-quarter, Coinbase earned $840 million, or $3.32 per diluted share on revenue of $2.5 billion, the company reported Thursday, compared with earnings of $177 million on revenue of $497 million a year earlier.