Coinbase's Blowout First Quarter; Could Hong Kong ETFs See $1B AUM by 2024 End?

Coinbase has a blowout first quarter and could Hong Kong ETF S see $1 billion in assets under management. You're watching Coin desk daily, I'm your host, Jen Sani Coinbase had a blowout first quarter. According to analysts, the crypto exchange reported a first quarter net income of $1.2 billion and diluted earnings per share of $4.40. Broker J MP said in a research report on Thursday that the crypto exchange benefited from improving crypto market conditions and business diversification efforts. The broker reiterated its market outperform rating and $320 price target. The analysts wrote that they see a number of underlying trends supporting their positive thesis that Coinbase will remain a relevant player in virtually all aspects of the crypto economy. Ken's indices provider anticipates a billion dollars in assets under management in Hong Kong ETF S by the end of the year. That's according to Bloomberg, Sui Chung, the CEO of CF benchmarks, a unit of Kraken predicts that despite a lackluster beginning, crypto ETF S in Hong Kong will pick up speed. The London based firm provides reference data for crypto ETF S mostly Bitcoin products including blackrock's IBI Chung said he sees South Korea and Israel as the next markets to list crypto ETF S and Jack Dorsey's block is continuing to add to its Bitcoin bags. In April, it began using 10% of its monthly Bitcoin related gross profit to buy additional Bitcoin with plans to do this each month for the rest of the year. For perspective block had $80 million and Bitcoin gross profit in the first quarter where that level of profit to continue throughout the rest of the year. Under this program, it would add another $24 million to its balance sheet. That's a wrap for coin desk daily, get more updates on coindesk.com and we'll see you next time.