Coinbase Surpasses 21st Largest US Bank in AUM

Cryptocurrency exchange Coinbase Inc. has reached a significant milestone, surpassing the assets under management (AUM) of the 21st largest bank in the United States, New York Community Bancorp (NYCB). Coinbase's AUM has grown to $420 billion, placing it above NYCB's AUM of $112.9 billion.

NYCB recently reported a quarterly loss of $260 million in Q4 2023, which was partly attributed to its acquisition of Signature Bank, a crypto-friendly bank that collapsed in 2023. In contrast, Coinbase posted a net profit of $273 million in the same quarter, marking its first positive income quarter since Q4 2021.

Coinbase's CEO, Brian Armstrong, commented on the development, stating that if Coinbase were considered a bank, it would be the 21st largest in the US by total assets. He also noted that if regarded as a brokerage, Coinbase would be the 8th largest by AUM.

In addition to its impressive AUM growth, Coinbase has also received approval from the Financial Conduct Authority (FCA) to offer crypto services in the UK. This approval, which took six months to secure, will allow Coinbase to launch new regional products and services, including crypto and cash services for investors and traders in the UK market.