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

Share This Post

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.

Don’t miss the next big story – join our free daily newsletter.

Coinbase revenues surged to $954M in Q4 amid market rebound is written by Ben Strack for

Related Posts

Fantom: Revolutionizing Blockchain Technology

Fantom, often abbreviated as FTM, is a decentralized blockchain...

Bitcoin halving shows new users that ‘code is ultimately the law’ in crypto

As the Bitcoin (BTC) halving marked another major milestone...

Yuga Labs Burns 14% of HV-MTL Supply After Faraway Acquisition

Recently, Yuga Labs, the creator of the popular Bored...

Spotting Cryptocurrency Scams: Red Flags and Warning Signs

With the rise of cryptocurrencies, the number of scams...

Web3 Watch: Someone at Adidas likes crypto culture

As NFTs boomed and Meta went all-in on the...

Splinterlands Releases Promo Cards for Bitcoin Halving Event

Splinterland’s New Reward System and Glint StoreIn addition to...
Ethereum (ETH) $ 3,218.12
Bitcoin (BTC) $ 66,449.80
Tether (USDT) $ 1.00
XRP (XRP) $ 0.553331
BUSD (BUSD) $ 1.00
Cardano (ADA) $ 0.504835
Dogecoin (DOGE) $ 0.160863
Litecoin (LTC) $ 85.15
Solana (SOL) $ 157.19