Coinbase Global Inc. has reported a profitable third quarter, with revenue doubling as the cryptocurrency market shows signs of recovery.

The largest U.S. crypto exchange saw its revenue surge to $1.29 billion, surpassing analysts' expectations of $1.25 billion. This marks a significant rebound from the previous year, where the company recorded a loss of $2.3 million.

Despite the positive revenue growth, net income for the quarter was $75 million, falling short of the $112.2 million anticipated by analysts surveyed by Bloomberg. The results reflect the ongoing recovery in the cryptocurrency sector following two years of market turmoil, highlighting Coinbase's resilience and adaptability in a challenging environment.