Coinbase revenues surged to $954M in Q4 amid market rebound

Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume

article-image

Vladimir Kazakov

share

Crypto exchange Coinbase benefitted from a market rebound during the fourth quarter, seeing its revenues rise 41% quarter over quarter to $954 million.

The improved revenues came as the company’s transaction revenues surged in the three-month period to $529 million — up 83% from the third quarter.

Coinbase reported net income of $273 million, marking the first positive quarter in 2023. The exchange’s adjusted EBITDA — earnings before interest, taxes, depreciation and amortization — increased 69% from the prior quarter, to $305 million.

It marked the fourth straight quarter of positive adjusted EBITDA for the company after Coinbase tallied a negative figure in that category for the three quarters prior. 

Analysts had predicted the surge in crypto prices in late 2023 would translate to higher trading volume for the company, and ultimately higher revenues. 

Read more: Coinbase earnings prep: Profitability possible in Q4, but what’s next?

The price of bitcoin (BTC) increased by more than 50% during the fourth quarter prior to the Securities and Exchange Commission approving the first US spot bitcoin ETFs in January. The asset’s price hovered around $52,000 on Thursday. 

Coinbase’s fourth quarter consumer trading volume was $29 billion, up 164% quarter over quarter. Institutional trading volume, which came in at $125 billion, saw a 92% increase from the prior quarter.

In addition to the trading volumes increase, subscription and services revenue rose to $375 million. That was up 12% from $334 million in the third quarter.

The subscription and services business line comprises revenues from stablecoins and custodial fees, as well as blockchain rewards and interest income. Coinbase stock rose 3.3% on Thursday. The share price was up about 7.2% in after-hours trading, as of 4:25 pm ET.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Flashnote Template (6).png

Research

Trading of the President's TRUMP memecoin sent the market capitalization to over $15B, resulting in all-time highs for Solana’s Real Economic Value, DEX volumes, and stablecoin supply. This event further validates Solana as the venue for high-throughput onchain activity, with Solana DEXs and DeFi applications as primary beneficiaries, while also signaling to further experimentation, utilization, and adoption of memecoins as legitimate financial instruments for speculation, crowdfunding, or capital formation. President Trump’s continued willingness to experiment in crypto reaffirms a highly-favorable political and regulatory climate for the industry.

article-image

Donald Trump has slightly backed off from the ambitious tariff goals he touted on the campaign trail

article-image

Some have called it “a relief” that the task force will be led by the crypto-friendly Hester Peirce

article-image

By leveraging L1 validators for proofing and execution, native rollups remove the need for centralized sequencers and complex governance

article-image

The new task force shows that crypto’s officially entering a new era

article-image

After seven long years, ICOs could be back on the menu

article-image

The Solana network housed around $6.1 billion stablecoins on Friday, according to Blockworks Research data