2024-03-08 15:40:30 ET
Coinbase Global (NASDAQ: COIN) shares jumped 58.8% last month, according to data provided by S&P Global Market Intelligence . The stock benefited from a combination of strong quarterly results and soaring cryptocurrency prices. The company is capitalizing on more accommodative capital market conditions, and things are looking increasingly attractive for the upcoming quarters.
Coinbase comfortably surpassed analyst estimates for revenue and earnings. Revenue increased 50% over the prior year, exceeding Wall Street's forecast by roughly 15%. Analysts expected the company to break even for the quarter, but it delivered $1.04 of generally accepted accounting principles ( GAAP ) earnings per share and over $100 million of operating income.
The surprise was all about rising cryptocurrency prices and mounting interest in the asset class among investors. The recent launch of exchange-traded funds (ETFs) that hold Bitcoin is stimulating institutional demand while further normalizing crypto assets that many investors still view skeptically. Surging crypto prices have reignited dormant excitement about blockchain projects and tokens, creating a self-propelling hype cycle.
For further details see:
Here's Why Coinbase Stock Surged Almost 60% Higher in February