Shares of cryptocurrency exchange Coinbase (COIN) rose 15 percent in trading on Friday, reporting its first profit in two years.。

Coinbase, the largest cryptocurrency buying and selling venue in the U.S., reported a net profit of 2 percent in the fourth quarter..$7.3 billion。This is the first time the company has reported quarterly net profit since the fourth quarter of 2021.。

Coinbase said net income for the fourth quarter of 2023 was 9.$0.5 billion, up from $0.6 billion in the same period last year..$05 billion up nearly 50 percent。In the fourth quarter of last year, with the first spot Bitcoin exchange fund (ETF) approved by the US Securities and Exchange Commission, the cryptocurrency received a lot of attention from investors.。

Bitcoin ETFs enable retail investors to access cryptocurrencies in the form of shares traded on regulated exchanges without having direct access to the underlying assets.。The news fueled strong demand for the cryptocurrency in anticipation that it could generate high interest from retail investors.。

Trading revenue was the main driver of revenue in the final quarter of 2023, Coinbase said, adding that subscription and services revenue remained relatively stable.。Coinbase also added that in the fourth quarter of last year, the company saw increased volatility in cryptocurrency prices, similar to the levels observed in the first quarter of 2023.。This was driven by the approval of the Bitcoin ETF and broad expectations of improved macroeconomic conditions in 2024.。

Revenue from consumer transactions was 4% for the quarter..$9.3 billion, up 79 percent from the previous quarter。Alesia Haas, Coinbase's chief financial officer, said in an interview on Thursday that the company does not need to adjust fees to cope with the higher volumes passed by the platform because it benefits from its combination of fees for "easy" and "advanced" traders.。

"In the fourth quarter, we have shared results for many quarters, and our rate structure is primarily a product mix change on our platform - who traded which products during the quarter.。Haas added, "So in the fourth quarter, when we saw higher volatility, we added easy trades, but senior trades grew more."。"