Coinbase Global (COIN) stock surged based on its latest results for the crypto brokerage firm. It showed the company produced positive net income and operating cash flow. Put premiums are high, making them attractive to short sellers.
COIN stock is up over 12% to $186.51 on Friday, Feb. 16, 2024. The company returned to profitability for the first time in three years including $273 million in Q4 and $95 million for the full year ending Dec. 31, 2023. This was a direct result of surging revenue, which was up 45.3% in Q4 to $905 million from the prior quarter.
