Coinbase’s fourth-quarter income more than quadrupled as the largest US cryptocurrency exchange benefited from a manic quarter that saw bitcoin set a record before dropping sharply.

For the fourth quarter, Coinbase had net income of $840m, or $3.32 per diluted share, on net revenue of $2.5bn, the company said on 24 February, compared with earnings of $177m on net revenue of $497 million a year earlier.