Coinbase posts soaring profit on jump in crypto prices

FILE PHOTO: A smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Coinbase Global swung to a first-quarter profit of over $1 billion from a year earlier loss, helped by an uptick in cryptocurrency trading following the launch of the first U.S.-listed exchange traded funds (ETFs) tracking bitcoin in January.

The company on Thursday reported a net income of $1.2 billion, or $4.84 per share, in the three months ended March 31, compared with a loss of $79 million or $0.34 per share a year ago.