The largest U.S. cryptocurrency exchange posted first-quarter revenue of $1.6 billion, a 72% increase quarter-on-quarter. Reported net income for Coinbase was $1.18 billion (or $4.40 per share) and was fueled by a boost in transactions thanks to the wider crypto market's upswing.

Coinbase's quarterly results follow a big jump in the price of bitcoin from a year earlier, though the rally has stalled of late.

America's biggest crypto exchange Coinbase reported strong results for the first quarter of 2024 after returning to profit last year.