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Coinbase Shares Soar to New Yearly High After Posting First Profitable Quarter in Two Years

Coinbase's Q4 2023 earnings report showed the exchange's first profitable quarter in over two years, with a net income of $273 million. This positive news caused shares of Coinbase to rally at the end of the week. Analysts believe this may change the narrative that Coinbase is an unprofitable company. Coinbase CEO Brian Armstrong cited cost-cutting measures and positive developments such as the launch of Coinbase International Exchange and the firm's role as a prominent custodian of Bitcoin ETFs as contributing factors to the company's success.

Tiger Global Management sold all of its Coinbase shares last year

Documents from the US Securities and Exchange Commission (SEC) show that Tiger Global Management sold all of its shares in cryptocurrency exchange Coinbase (COIN) on December 31, 2023 and no longer holds Coinbase stock. It is reported that Tiger Global was a major investor in Coinbase in October 2018 and led a $300 million Series E funding round.

Ledger Live and Coinbase Pay partner to simplify cryptocurrency purchases

The Coinbase Pay feature is now integrated into the Ledger Live application, which benefits Ledger users by allowing them to directly receive cryptocurrency purchased from Coinbase on their Ledger device. This new feature is currently available in the United States, United Kingdom, European Union, Brazil, New Zealand, Australia, Canada, and Singapore.

U.S. blockchain concept stocks generally rose before the market opened, with Coinbase rising more than 6%

Market data shows that US blockchain concept stocks rose across the board before the market opened, with Canaan Inc. (CAN.O) up more than 10%, Riot Platforms (RIOT.O) up more than 7%, and Coinbase (COIN.O) up more than 6%.

Coinbase has suspended trading, deposits and withdrawals of PlayDapp (PLA)

Coinbase Assets announced on X platform that, due to recent updates involving the use of the "pause" function on the PlayDapp (PLA) smart contract, we have suspended trading and deposit/withdrawal of PLA on Coinbase, Coinbase Prime, Advanced Trade, and Coinbase Exchange.

Coinbase will list Aerodrome Finance (AERO) and Velodrome Finance (VELO)

Coinbase announced support for Aerodrome Finance (AERO) on the Base network (ERC-20 token) and support for Velodrome Finance (VELO) on the Optimism network (ERC-20 token). If liquidity requirements are met, trading will begin on February 6, 2024, at 9 a.m. Pacific Time or later. Once the asset supply is sufficient, trading for AERO-USD and VELO-USD will be launched in stages.

Former UK Chancellor of the Exchequer George Osborne Joins Coinbase Advisory Board

Former UK Chancellor of the Exchequer George Osborne has joined the Coinbase advisory board. Osborne served as Chancellor of the Exchequer from 2010 to 2016, and has since held a series of other roles. He is currently a partner at boutique investment bank Robey Warshaw and chairman of the British Museum.

Coinbase chief legal officer: SEC response to its petition rejecting digital asset rules was too brief

Paul Grewal, the Chief Legal Officer of Coinbase, criticized the U.S. Securities and Exchange Commission's (SEC) response to Coinbase's request for clearer cryptocurrency regulation as being too brief. Grewal emphasized the shortcomings of the SEC's relevant documents in a tweet, which formed the basis for its rejection of Coinbase's petition for digital asset rules.

Oppenheimer upgrades Coinbase stock, targets price of $160 per share

Investment bank Oppenheimer has upgraded its rating on Coinbase (COIN) stock to "outperform" with a target price of $160 per share, citing the company's strong performance. Analyst Own Lau pointed out that increased trading volume, recent approval of a Bitcoin ETF, and the potential for Coinbase to win its SEC lawsuit were the main drivers behind the rating upgrade.

Oppenheimer analyst: Coinbase stock may face volatility in the near future due to U.S. SEC lawsuit

Oppenheimer investment bank analyst Owen Lau pointed out that Coinbase continues to face legal uncertainty due to its lawsuit against the US Securities and Exchange Commission (SEC) for alleged violations of securities laws. This may mean that the company's current stock price of $125 may experience fluctuations. Previously, Bloomberg analyst Elliot Stein revealed that Coinbase had a 70% chance of winning the lawsuit. In response to this, Owen Lau stated that although Coinbase's stock price has fallen by about 28% in the past 30 days, it still has a growth rate of 67% in the past three months.