(Reuters) -Crypto exchange Coinbase reported a steep rise in fourth quarter profit on Thursday, driven by higher trading volumes in bitcoin and other tokens following the U.S. election.
Unprecedented interest in crypto, fueled by Donald Trump’s victory in the November presidential election, pushed bitcoin beyond $100,000 in the quarter as investors anticipated more crypto friendly policies under the new administration.
Total revenue rose to $2.3 billion from $953.8 million a year before.
The company earned $1.29 billion, or $4.68 per share, for the three months ended December 31, compared with $275.7 million, or $1.04 per share, a year earlier.
The profit included $476 million in pre-tax gains on crypto asset investment portfolio.
(Reporting by Jaiveer Singh Shekhawat and Niket Nishant in Bengaluru; Editing by Anil D’Silva)
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