[Bitcoin Now] Third Quarter Rally Drives Exchanges to 'Earnings Surprise'

Largest U.S. Cryptocurrency Exchange
Coinbase Delivers Third-Quarter Earnings Surprise
Revenue Soars 55% Year-Over-Year

Coinbase, the largest cryptocurrency exchange in the United States, posted earnings that far exceeded expectations during the cryptocurrency rally in the third quarter.

According to CNBC on October 30 (local time), Coinbase reported third-quarter revenue of $1.87 billion (approximately 2.67 trillion won), significantly surpassing the market forecast of $1.8 billion. This figure represents a 55% increase compared to the same period last year, when revenue was $1.205 billion.

During the same period, net profit surged to $432.6 million, a 5.7-fold increase from $75.5 million a year earlier. Earnings per share (EPS) also came in at $1.50, well above the expected $1.10.

The company attributed its better-than-expected performance to several factors. First, the Trump administration's pro-cryptocurrency policies led to regulatory easing for digital asset companies, which improved investor sentiment. Additionally, the easing of fears following speculation in June about a possible improvement in the U.S.-China trade war also served as a positive factor. Furthermore, Coinbase's acquisition of the derivatives exchange Deribit resulted in an increase in institutional investor trading, which also contributed to the improved results.

Bitcoin, the world's largest cryptocurrency, rebounded after hitting its yearly low in April and surpassed $120,000 for the first time ever in July. It has since maintained a range between $100,000 and $110,000, and recently broke through the $120,000 mark again before pulling back. As of 10:30 a.m. on the day of publication, Bitcoin was trading at $109,563 on Coinbase, down 0.83% from 24 hours earlier.