Coinbase share price hits highest point in nearly 2 years

The stock price jump comes after Coinbase reported ending its seven-quarter run of net losses during the fourth quarter

article-image

Coinbase CEO Brian Armstrong | Hubert Lamela/"2014-08-09 16.08.17″ (CC license)

share

The morning after Coinbase reported fourth quarter results beating analyst estimates, the company’s shares hit their highest price in nearly two years. 

Coinbase’s stock price peaked at $193.64 Friday morning, according to Yahoo Finance — a level they hadn’t reached since March 2022, the data indicates.

The company’s shares were trading at about $190 at 11 am ET, up nearly 15% on the day. 

Coinbase reported a net income of $273 million during the fourth quarter, ending a run of seven straight quarters with a net loss.

“Returning to profitability is part of our upgrade thesis, and this result can help change the unprofitable image,” Oppenheimer analysts wrote in a Thursday note.

The company closed out the year with four quarters of positive adjusted EBITDA — earnings before interest, taxes, depreciation and amortization — amounting to $964 million.

Read more: Coinbase reported Q4 earnings Thursday. Here’s what stood out.

Alyssa Choo, a crypto equities specialist at Bitwise, told Blockworks she believes the fourth quarter marks “a major positive inflection point” for Coinbase’s business.

Coinbase’s profitability in the fourth quarter doesn’t factor in the year-to-date positive crypto price action, Choo added. The total crypto market capitalization is up nearly 20% since the start of 2024, rising above $2 trillion.

“Second, Coinbase’s latest results don’t include the revenues it is making as the custodian for eight of the [10] spot bitcoin ETFs, which have in aggregate amassed $29 billion in assets under management,” she said. “I anticipate strong results for Q1 2024.”

Coinbase’s stock rose nearly 400% in 2023, outpacing bitcoin’s price gains of roughly 150% over the course of last year.

Bitcoin (BTC) and Coinbase were up 17.5% and 22% year to date, respectively, as of about 11 am ET.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (2).png

Research

This reports analyzes the competitive dynamics of the Solana DEX landscape, identifying sustainable moats per protocol. We also find that Raydium (RAY), Orca (ORCA), and Lifinity (LFNTY) are valued very similarly on a P/S basis and what this could mean for Meteroa's (MET) valuation, which is still pre-TGE.

article-image

With $800 million now flowing to creditors, some expect a market boost — yet many remain cautious after years of waiting

article-image

There’s more to do on Solana than memecoins, but the market isn’t seeing it that way

article-image

Galaxy’s Alex Thorn said that the saga, paired with TRUMP and MELANIA, could lead to “further destruction of the memecoin complex”

article-image

Anatoly Yakovenko in 2017 embarked on the technical challenge of solving blockchain’s scalability problem

article-image

Grayscale Investments has historically had a four-stage lifecycle for its products, but there’s an indicator this could be changing

article-image

Brian Quintenz and Jonathan Gould are two recent Cabinet nominees with ties to crypto