Coinbase’s 2024 Revenue Surges to $6.6 Billion Amid Institutional Growth and Regulatory Wins

Coinbase capped off a stellar 2024, reporting $2.3 billion in fourth-quarter revenue—far surpassing market expectations of $1.87 billion and marking an 88% increase from the previous quarter, according to the company’s Q4 2024 Shareholder Letter.

The exchange, led by CEO Brian Armstrong, saw a 172% surge in trading revenue, reaching $1.6 billion for the quarter, driven by a trading volume of $439 billion. Net income for Q4 stood at $1.3 billion, including $476 million in unrealized gains from its crypto holdings.

For the full year, Coinbase recorded total revenue of $6.6 billion, with net income hitting $2.6 billion. The company’s EBITDA climbed to $3.3 billion, reinforcing its financial strength.

Key Drivers of Growth

Coinbase attributed its strong performance to an expanded product suite and the increasing mainstream adoption of on-chain finance. The firm highlighted its success in deepening institutional engagement, scaling international growth, and enhancing real-world utility for crypto assets.

Strategic investments in newer products played a crucial role in driving revenue, while ongoing innovation continues to showcase the potential of on-chain finance.

Regulatory Developments and Global Expansion

Regulatory clarity remains a top priority for Coinbase, particularly in the U.S., where policymakers are advancing key crypto legislation. Efforts to establish clear frameworks for stablecoins and market structures are gaining traction, with all four major Congressional committees engaged in discussions.

The SEC’s recent policy shifts, including the rollback of restrictive measures on banks supporting crypto activities, signal a changing regulatory landscape in the country.

On the global front, Coinbase secured Virtual Asset Service Provider (VASP) registrations in the UK and Argentina and is progressing toward obtaining a MiCA license in the EU. The company is also actively engaged in policy discussions in Australia, Brazil, and Canada, further strengthening its international presence.

2025 Outlook

Looking ahead, Coinbase aims to expand its trading market share, drive broader USDC adoption, and enhance its subscription services. The company plans to scale its derivatives offerings, introduce new order types, and integrate perpetual trading into Coinbase Prime to attract more institutional participation.

Early momentum in 2025 is strong, with Coinbase generating approximately $750 million in transaction revenue in Q1. Subscription and services revenue is projected to range between $685 million and $765 million, fueled by increasing USDC adoption, a growing Coinbase One subscriber base, and higher crypto asset prices.

With regulatory landscapes shifting and institutional interest rising, Coinbase is positioning itself for continued growth in the evolving crypto economy.