For some time, we have been witnessing a recovery in the stock markets alongside the earnings reports of US-based companies. This positive correlation also helped the rise in BTC and crypto prices. Today, the latest quarterly earnings report of the Coinbase exchange was announced. This provides us with an opportunity to better understand the current state of the cryptocurrency markets.
Coinbase Earnings Report
Reuters initially reported earnings 300 million dollars below expectations, but later corrected this. Last quarter’s earnings were above expectations, allowing Coinbase to end the week on a high note. This is certainly positive for cryptocurrencies as well.
A significant portion of the company’s last quarter earnings was related to interest income from stablecoin reserves. The company earns interest on reserves of USD Coin (USDC), a stablecoin it co-manages with Circle. Additionally, by diversifying its products and reducing staff numbers, the company has been able to focus more easily on profits for a long time. Coinbase reported that income from Stablecoin reserves was 171.6 million dollars, up from 145.7 million dollars last year.
The table above shows all the details for the last quarter. After the close, the stock rose to 178.48 dollars.
