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In a plot twist that would make even the most seasoned investor do a double-take, Coinbase Global went from crying over last year’s losses to laughing all the way to the bank with a whopping first-quarter profit of over $1 billion. How’s that for a comeback story?

The catalyst? A surge in cryptocurrency trading, fueled by the debut of the first-ever U.S.-listed exchange-traded funds (ETFs) tracking bitcoin back in January. It’s like the Wild West of finance met Wall Street, and the fireworks ensued.

According to the latest ledger entries, Coinbase reported a net income of $1.2 billion, or $4.84 per share, for the quarter ending March 31. Compare that to the same period last year, where they were licking wounds over a loss of $79 million or $0.34 per share. Talk about a glow-up!

But hold onto your digital wallets, folks. Despite the victory lap, Coinbase’s shares took a modest 2.5% dip in after-hours trading, after strutting its stuff with a nearly 9% gain during regular trading hours. It’s the classic case of “buy the rumor, sell the news” in action.

Paul Marino, the chief revenue officer at investment firm GraniteShares, chimed in with his two cents, noting that while Coinbase delivered a solid report, some worrywarts are fretting over potential declines in trading volumes, especially with bitcoin doing the limbo dance in the market.

The real MVPs in this crypto circus? Exchange-traded funds (ETFs), baby. The U.S. Securities and Exchange Commission finally gave them the green light after a decade-long tug-of-war with the industry. Coinbase, playing the role of the guardian of the crypto vault, became the custodian for several spot bitcoin ETFs, including the heavyweight champion, BlackRock’s iShares Bitcoin Trust.

The excitement over these ETFs sent bitcoin soaring to stratospheric heights, with a peak above $72,000 in March, triggering a fresh wave of FOMO among investors. And guess who’s cashing in? Yep, you guessed it—Coinbase, with trading volumes in the first quarter clocking in at a cool $312 billion, doubling last year’s numbers. It’s raining digits over at Coinbase HQ!

CEO Brian Armstrong, basking in the glow of success, credited their thrifty cost management and relentless innovation for the triumph.