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.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

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

Research Report Templates (2).png

Research

We’re bullish on the PUMP token. We believe Pump.fun's brand strength, existing integrations, product roadmap, and strategic levers justify PUMP's TGE valuation, and expect the token to re-rate meaningfully higher in the months ahead.

article-image

Crypto’s highest purpose might be to make markets better by making them bigger

article-image

The non-profit’s “Project Open” seeks to let stocks trade directly on Solana

article-image

The acquisition is Pump.fun’s first, and comes just days before its planned ICO

article-image

As Trump’s tariff war reignites, everyone is assuming the dollar will continue its path lower. But the journey might be bumpy

article-image

A valuation model for “blockchain GDP”

article-image

The mini app combines vibe-coding with a hypercasual game feed and is coming to the new Coinbase Wallet