Coinbase revenue has come in higher than expected in Q4 2024 thanks to a surge in trading revenue and increased cryptocurrency trading activity.
The company’s earnings, released on Feb. 13, showed total revenue of $2.3 billion, marking an 88% increase from the previous quarter, while net income reached $1.3 billion.
Transaction revenue saw a significant jump, rising 172% to $1.6 billion, reflecting heightened trading activity in the wake of the U.S. presidential election.
Overall trading volume for the quarter was $439 billion, surpassing market forecasts of $404 billion. Coinbase also experienced a 15% increase in subscription and services revenue, which grew to $641 million.
The exchange benefited from the broader rally in digital asset prices, with Bitcoin and Ethereum seeing notable appreciation. Additionally, the company reported growth in its Coinbase One subscriber base and higher adoption of services such as staking, custody, and USDC-related assets.
For the full year 2024, total Coinbase revenue has more than doubled to $6.6 billion and recorded a net income of $2.6 billion. The firm reported $3.3 billion in adjusted EBITDA and ended the year with $9.3 billion in USD resources.