Coinbase's full-year revenue reaches $6.1 billion, more than double from 2023
Quick Take
- Quarterly revenue of $2.3 billion was up significantly from $953.7 million in the same period last year.
- COIN shares are up 16% in 2025 and up about 112% over the past year.
U.S. cryptocurrency exchange Coinbase reported fourth-quarter and full-year earnings Thursday afternoon, beating expectations and showing huge growth across the board.
The company reported net income of $1.3 billion in Q4, including $476 million of pre-tax gains on its crypto investment portfolio, most of which was unrealized. Revenue of $2.3 billion beat estimates by about $430 million and was up from $1.13 billion compared to the third quarter. Fourth-quarter transaction revenue rose 172% quarter over quarter to $1.6 billion, up significantly from the prior-year quarter's $529 million.
Full-year revenue of $6.6 billion also more than doubled 2023's total of $3.1 billion.
Coinbase ended the fourth quarter with $9.3 billion in USD resources, an increase from $8.2 billion reported the previous quarter.
"It’s the dawn of a new era for crypto," the company said in its annual shareholder letter. "Crypto’s voice was heard loud and clear in the US elections, and the era of regulation via enforcement that crippled our industry in the US is on its way out. The Trump Administration is moving fast to fulfill its promise of making the US the crypto capital of the planet, and globally, leaders are taking notice and increasing their attention and investment into crypto."
Coinbase reported $226 million in stablecoin revenue, a modest decrease from the prior quarter's $247 million.
Shares of Coinbase’s stock were trading higher in the after-hours session. The stock is up 16% so far in 2025 and is up about 112% over the past year. The company has a market cap just north of $73 billion, according to The Block’s data dashboard.
Coinbase hopes to see continued benefits under a more crypto-friendly administration.
Earlier this month, Coinbase sent a letter to the Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency to clarify crypto banking rules and end the alleged debanking in the industry.
"For the last several years, US bank regulators have unilaterally and undemocratically barred banks from offering crypto services," Faryar Shirzad, chief policy officer at Coinbase, said in a post on X. "This needs to end."
Correction: Fixed Coinbase's Q3 net income of $1.3 billion.
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