Coinbase revenue surges 88% in Q4, beats expectations

Coinbase Global Inc (NASDAQ: COIN) reported a significant revenue increase for the fourth quarter of 2024, surpassing analyst estimates as the cryptocurrency exchange benefited from higher trading volumes and increased crypto asset prices.

The company's total revenue for Q4 reached $2.27 billion, up 88% from the previous quarter and exceeding the analyst consensus of $1.87 billion.

Transaction (JO:TCPJ) revenue, which forms the bulk of Coinbase's income, soared 172% quarter-over-quarter to $1.6 billion.

Subscription and services revenue grew 15% to $641 million, driven by higher crypto asset prices and growth in staking, custody, and USDC assets.

Coinbase reported a net income of $1.3 billion for the quarter, which included $476 million in pre-tax gains on its crypto asset investment portfolio.

"2024 was a strong year for crypto and for Coinbase - our revenue more than doubled to $6.6 billion, net income was $2.6 billion, and we generated $3.3 billion of Adjusted EBITDA," said Brian Armstrong, CEO of Coinbase.

The company's balance sheet strengthened - $9.3 billion at the end of Q4, up $1.1 billion from the previous quarter.

Looking ahead to Q1 2025, Coinbase expects transaction revenue of approximately $750 million through February 11, with subscription and services revenue projected to be between $685 million and $765 million.

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