Coinbase Reports Strong Q4 2024, Revenue Doubles to $6.6 Billion Amid Regulatory Tailwinds

Coinbase reported a strong Q4 2024, with total revenue more than doubling to $6.6 billion, driven by regulatory tailwinds and increased crypto adoption, according to Brian Armstrong, CEO. Adjusted EBITDA reached $3.3 billion, marking two straight years of positive adjusted EBITDA. Subscription and services revenue saw a 64% year-over-year increase to $2.3 billion, fueled by USDC, staking, and Coinbase One. International revenue share reached 19% in Q4 due to improved payment rails and localization. In early December, Coinbase One exceeded 600,000 paid members. Total Q4 operating expenses were $1.2 billion, up 19%. Q4 total trading volume was $439 billion, up 137%. Consumer trading volume was $94 billion, up 176%. Institutional trading volume was $345 billion, up 128%. As of December 31st, Coinbase had $404 billion in total assets on platform, approximately 12% of total crypto market cap. The company anticipates Q1 subscription and services revenue to be in the range of $685 million to $765 million. Alesia Haas, CFO, noted that the liquidation event in early February had no meaningful impact on the business, as retail users are long-term holders.