Coinbase Global, Inc. reported net revenue of $6.3 billion for the year ended December 31, 2024, a significant increase from $2.9 billion in 2023. This rise was driven by increases in both transaction revenue ($4.0 billion in 2024 versus $1.5 billion in 2023) and subscription and services revenue ($2.3 billion in 2024 versus $1.4 billion in 2023). Net income for 2024 was $2.6 billion, compared to $0.1 billion in 2023, while Adjusted EBITDA reached $3.3 billion in 2024, up from $1.0 billion in 2023. The company attributed the improved performance to investments in core products, a focus on global expansion, and the success of initiatives like USDC rewards.
Significant changes compared to the previous year included a 195% increase in consumer trading volume and a 139% increase in institutional trading volume. Monthly Transacting Users (MTUs) also increased, primarily due to a rise in trading users and participation in USDC rewards programs, partially offset by a decrease in staking-only users. Assets on Platform (AOP), a new metric introduced in 2024, reached $404.0 billion, reflecting a 111% increase from 2023. This increase was primarily due to higher crypto asset prices and growth in USDC balances. Trading volume increased to $1,162 billion in 2024 from $468 billion in 2023, reflecting both overall market growth and an increase in Coinbase's market share.
Strategic developments during 2024 included the launch of "smart wallet" functionality within Coinbase Wallet, a self-custodial wallet, and continued expansion of the Base Protocol, an L2 Ethereum blockchain. The company also entered into an updated arrangement with Circle to support USDC and share in the economics of the reserves backing the stablecoin. Coinbase launched an additional subscription tier, Coinbase One Premium, offering enhanced benefits to consumers. The company also highlighted its expansion of institutional financing products and services.
Operationally, Coinbase employed 3,772 employees as of December 31, 2024. The company emphasized its remote-first work model and its commitment to building a secure and compliant platform. Coinbase also highlighted its partnerships with several Bitcoin and Ethereum ETF issuers following SEC approvals of spot Bitcoin and Ethereum ETF applications. The company noted its ongoing efforts to comply with a complex and evolving regulatory landscape, including anti-money laundering and counter-terrorist financing regulations, and its involvement in ongoing litigation with the SEC and state securities regulators.
Coinbase's outlook for 2025 anticipates continued revenue growth across various macroeconomic scenarios, with a focus on managing expenses dynamically to respond to market conditions. The company acknowledged that future interest rate decreases, if they occur, could materially impact revenue, particularly subscription and services revenue. The company plans to manage its expense base accordingly, particularly with respect to variable expenses.
About Coinbase Global, Inc.
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