From Nasdaq.:

Despite a 50% drop from its all-time high, Coinbase’s stock may rebound this year, having fallen 24% YTD. Much of the volatility is tied to Bitcoin prices. The company will report earnings after the closing bell on Tuesday, with consensus earnings of 2 cents per share on revenue of $731.9 million.

Additionally, the SEC approved BlackRock and Ark Invest’s applications, which could bring in new funds with lower fees than Grayscale. These approvals bode well for Coinbase as they can potentially bring in another revenue stream. Coinbase’s commitment to regulatory compliance and transparency positions it as a leading entity for institutional investors.

The company stands to benefit from the fact that spot Bitcoin ETFs are finally here, which not only makes cryptos more mainstream, but also it will make it considerably easier for investors to legally buy and sell Bitcoin. With the backing and approval of the SEC, institutional investors are now more likely to adopt cryptocurrency as a legitimate asset, making Coinbase more appealing as an institutional investment with efforts at offshore expansion aimed at increasing its user base.

Coinbase reported Q3 revenue of $674.15 million, beating estimates by $22.3 million, and the Q3 loss of 1 cent per share beat by 53 cents. The company also issued upbeat guidance, helping the stock rise modestly. Coinbase can change the recent bearish perception by delivering a top and bottom line beat, along with outlining its path towards sustainable profits.



Read more: Coinbase Global (COIN) Q4 2023 Earnings: What to Expect