Coinbase had a standout fourth quarter, with earnings soaring alongside the broader crypto market.
On Feb. 13, the company announced fourth-quarter revenue of $2.3 billion, translating to adjusted earnings per share of $4.68—an increase from $1.04 in the same quarter of 2023. This marks an 88% year-over-year revenue surge, bringing net income to $1.3 billion for the period.
For the full year, Coinbase reported revenue of $6.6 billion, net income of $2.6 billion, and Adjusted EBITDA of $3.3 billion, reflecting strong business performance.
Coinbase Shatters Analyst Projections
The latest earnings report far exceeded analyst predictions, which had projected earnings of $1.36 per share on revenue of $1.59 billion.
Coinbase generates most of its revenue from transaction fees, which remain higher than the industry average. Transaction revenue surged 172% to $1.6 billion, accounting for nearly 70% of total revenue, primarily driven by a 45% rise in crypto market value over the quarter.
Subscription and services revenue also grew, rising 15% to $641 million. Stablecoin revenue saw a 31% year-over-year increase to $226 million, while Blockchain Rewards revenue climbed 39% to $215 million. Custodial fee revenue also expanded by 36% to $43 million.
CEO Brian Armstrong and other executives see crypto evolving into mainstream financial infrastructure. The firm is focusing on international expansion in 2025, increasing subscription and services revenue, and pushing for USDC’s dominance as the leading stablecoin through compliance and network effects.
COIN Stock Rallies
Coinbase stock jumped 8.4% to $298 before settling at just under $294 in after-hours trading. Year-to-date, COIN is up 20%, outperforming the broader crypto market, which has declined by 2.5%. Over the past year, COIN has surged 112%, well above the crypto market’s 69% gain.
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