Summary
Crypto exchange Coinbase reported a 41% increase in revenues during the fourth quarter, reaching $954 million. The surge in revenues was driven by a significant increase in transaction revenues, which rose 83% to $529 million. Coinbase also reported a net income of $273 million, marking its first positive quarter in 2023. The company’s adjusted EBITDA increased by 69% to $305 million. The surge in crypto prices during the quarter resulted in higher trading volumes, with consumer trading volume up 164% and institutional trading volume up 92%. Subscription and services revenue also rose to $375 million.
Key Points
1. Coinbase experienced a significant increase in revenues during the fourth quarter, with a rise of 41% quarter over quarter to $954 million.
2. Transaction revenues for Coinbase surged in the three-month period, reaching $529 million, which represents an 83% increase from the previous quarter.
3. Coinbase reported a net income of $273 million, marking its first positive quarter in 2023. Additionally, the company’s adjusted EBITDA increased by 69% from the prior quarter, amounting to $305 million.