COIN - Just Buy Bitcoin Instead of Coinbase Stock
2024-03-30 03:25:00 ET
Shares of cryptocurrency exchange Coinbase (NASDAQ: COIN) have made an incredible comeback over the past six months, more than tripling in that time. The stock is still trading below its all-time high, but much of the damage inflicted by the post-pandemic cryptocurrency crash has been undone.
Coinbase slashed costs last year, which was enough to push its net income into positive territory, despite a slight decline in revenue. The company ended the year with about 24% fewer employees, compared to the start of the year.
Higher interest rates also helped the cause. Coinbase's interest income more than doubled in 2023.
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Just Buy Bitcoin Instead of Coinbase Stock