Coinbase Global Inc (NASDAQ:COIN) was up more than 7% in after-hours trading following the report.

Coinbase reported a earnings of $1.04 a diluted share on revenue of $953.8 million, topping Wall Street expectations for earnings of $0.01 a share on revenue of $818.4M.

The beat on the top line comes a the cryptocurrency exchange saw trading volume climb to $154B from $145B in the same period a year earlier.

“We believe the increases were driven by a variety of factors, principally excitement around Bitcoin spot ETF approvals and broad expectations around improving macroeconomic conditions in 2024, which contributed broadly in the capital markets to ‘risk on’ activity,” the company said in its earnings report on Thursday.

Total transaction revenue jumped 64% year-on-year to $529.3M in Q4, while subscription and services revenue, which climbed 33% to $375.4M in Q4.

Operating expenses fell to $838.2M in Q4 from $1.18B in the prior-year period.

Investor sentiment on Coinbase has been rising in recent months following a jump in cryptocurrency prices.

“[W]e see the higher cryptocurrency prices not only sustaining, but improving, activity levels and Coinbase’s earnings power as we look to 1Q24, JPMorgan said in a note earlier on Wednesday after upgrading its rating on the stock to neutral from underweight.