Coinbase Global announced its first quarterly profit since 2021, reporting a profit of $273.4 million in the last quarter of 2023, a significant turnaround from the $557 million loss a year earlier. This surge was attributed to robust trading volumes driven by renewed interest in cryptocurrency, particularly following the U.S. Securities and Exchange Commission's approval of the first spot bitcoin exchange-traded funds (ETFs) in January. The approval led to a 64% increase in Coinbase's transaction revenue to $529.3 million in Q4. Additionally, the company expects strong performance in its subscription and services unit, projecting revenue between $410 million and $480 million for the first quarter, fueled by stablecoin revenue and other businesses. Despite concerns that ETFs might divert investors away from Coinbase's platform, the company remains optimistic, emphasising the overall positive impact of ETFs on the industry.