May 3, 2024

"CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, including the blowout first quarter of Coinbase where the crypto exchange reported net income of $1.2 billion.

Video transcript

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 and we'll see you next time.

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