Crypto Boom Has Been Good to Coinbase Ahead of Planned Listing

Coinbase Global Inc. is the latest company that’s taking an unconventional route to becoming a public company. A look at the largest cryptocurrency exchange’s latest financial statements shows something else that sets it apart: It’s making money.

About 85% of the 130 companies that went public in the U.S. last year were unprofitable, according to data compiled by Bloomberg that excludes special purchase acquisition companies and real-estate investment trusts. Coinbase, which plans a direct listing rather than a traditional initial public offering, swung from a loss to a profit of $322 million last year on net revenue that more than ...