Coinbase is well known for charging fees higher than competitors. Even with those fees they still lost around 500 million dollars in 2022 operating their exchange.
The timing of great profit and loss for coinbase strongly suggest that they hold long crypto positions on their balance sheet.
That’s not how income statements work..
It is how balance sheets work that have a "Crypto assets held" entry, if you then buy and sell said balance sheet entries the results show up in the income statement as profits and or losses.
I'm left wondering how they managed to lose that much?
They massively overhired, they have thousands of employees many of them highly paid engineers
Over investing in products that didn't gain traction.