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Coinbase Is on the Verge of Surprising Wall Street With a Return to Profitability

Digital-asset exchange benefited from Bitcoin’s resurgenceAnalysts want to see whether US retail customers came back

Coinbase Global Inc. may surprise Wall Street by turning profitable for the first time in two years, bolstered by Bitcoin’s recent resurgence and cost cuts made during the last crypto winter.

Needham & Co.’s John Todaro expects the biggest US crypto exchange to post net income of $103 million when it releases fourth-quarter results later Thursday. That forecast goes against the outlook of much of his peers, who expect Coinbase to record a loss of around $16 million, or 5 cents a share, according to analysts

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