Coinbase closed 2024 on a strong note, reporting $2.3 billion in revenue for the fourth quarter,
According to the firm’s Q4 2024 Shareholder Letter, this figure exceeded market projections of $1.87 billion and marked an 88% increase from the previous quarter.
The Brian Armstrong-led exchange saw a 172% jump in trading revenue, reaching $1.6 billion in Q4, fueled by a trading volume of $439 billion.
The company also posted a net income of $1.3 billion, including $476 million in unrealized gains from its crypto holdings.
For the full year, total revenue hit $6.6 billion, with net income reaching $2.6 billion. The company’s EBITDA reached $3.3 billion, reflecting its financial strength.
Coinbase attributed its success to an expanded product lineup and a push toward integrating on-chain finance into mainstream use.
It stated:
“Coinbase advanced the cryptoeconomy by deepening institutional adoption, scaling international growth, and expanding real-world utility. Our investments in newer products helped drive revenue growth, and we continue to innovate with products that showcase the power of onchain finance.”
Regulatory development
Regulatory clarity remains a key focus for Coinbase, particularly in the US, where policymakers are making strides toward crypto legislation.
The firm noted that legislative efforts on stablecoins and market structures are gaining traction, with all four key Congressional committees involved. Moreover, the SEC’s recent shift, including the repeal of restrictive policies on banks supporting crypto activities, signals a changing regulatory landscape.
Internationally, Coinbase secured Virtual Asset Service Provider (VASP) registrations in the UK and Argentina and is progressing toward obtaining a MiCA license in the EU. The company is also contributing to policy discussions in multiple regions, including Australia, Brazil, and Canada.
The exchange concluded:
“It’s the dawn of a new era for crypto. Crypto’s voice was heard loud and clear in the US elections, and the era of regulation via enforcement that crippled our industry in the US is on its way out. The Trump Administration is moving fast to fulfill its promise of making the US the crypto capital of the planet, and globally, leaders are taking notice and increasing their attention and investment into crypto.”
2025 outlook
Looking ahead, Coinbase aims to drive revenue growth by expanding its trading market share, increasing USDC adoption, and strengthening its subscription services.
The company plans to scale its derivatives offerings, introduce new order types, and integrate perpetual trading into Coinbase Prime to enhance institutional participation.
So far, in Q1 2025, Coinbase has generated approximately $750 million in transaction revenue, highlighting strong momentum.
Subscription and services revenue is projected to range between $685 million and $765 million, driven by rising USDC adoption, an expanding subscriber base for Coinbase One, and higher crypto asset prices.
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