Oct 30 (Reuters) – Coinbase Global (COIN.O) reported a jump in third-quarter profit on Thursday, as heightened volatility in digital assets boosted trading volumes at the cryptocurrency exchange.
Digital assets rallied in July as crypto-friendly policies by U.S. President Donald Trump attracted institutional investor interest, catapulting bitcoin, the world’s largest cryptocurrency, to new peaks.
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However, weak economic data in the following month sparked recession fears, triggering a sell-off across the sector as investors moved to liquidate riskier assets. Volatility in the sector often benefits cryptocurrency exchanges, with trading volumes typically rising as investors seek to hedge their portfolios.
Coinbase’s transaction revenue rose to $1.05 billion during the quarter, from $572.5 million a year ago.
The company reported a net income of $432.6 million, or $1.50 per share, for the three months ended September 30, compared with $75.5 million, or 28 cents per share, a year earlier.
Shares of the company were up 1% in extended trading.
Reporting by Pritam Biswas in Bengaluru; Editing by Shilpi Majumdar
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