Coinbase Q4 2024 Financials Highlight Record Growth in Cryptocurrency Sector

In a groundbreaking announcement, Coinbase, one of the leading cryptocurrency exchanges globally, has released its Q4 2024 financial report, showcasing remarkable achievements and growth in the cryptocurrency sector.

The report, titled "The Dawn of a New Era for Crypto," emphasizes Coinbase's pivotal role in accelerating the blockchain economy and expanding the crypto landscape.

Financial Highlights:

Coinbase reported a total revenue of $6.6 billion for the year 2024, with a net income reaching $2.6 billion. This marks a significant milestone as the company has achieved positive Adjusted EBITDA for the fourth consecutive year, totaling $3.3 billion. The subscription and services revenue alone stood at $2.3 billion, while USD resources amounted to $9.3 billion.

In Q4 alone, Coinbase's revenue was $2.3 billion, with a net income of $1.3 billion, marking the highest quarter of Adjusted EBITDA in the company's history at $1.3 billion.

Institutional Trust and Growth:

The report highlighted Coinbase's growing trust among institutions, with total assets under custody reaching $220 billion. Institutional trading volume surged by 128% year-over-year, reflecting the platform's reliability and the increasing institutional interest in cryptocurrency investments.

ETFs played a significant role, driving record inflows and pushing assets under custody (AUC) from ETFs to $93.2 billion. Additionally, there was accelerated adoption of Coinbase's Prime suite across top clients, showcasing the platform's utility in professional trading environments.

Blockchain and Crypto Economy Expansion:

Coinbase's commitment to accelerating the onchain economy was evident with the launch of Bitcoin-backed loans on Base , with Base's assets on the platform surging by 896% quarter-over-quarter. This positions Base as the number 1 Layer 2 solution, with over $14 billion in assets, underlining the expansion of the crypto economy.

The company also noted a strong international market growth, with 92 million new assets added for trading on its international exchange and customer balances doubling quarter-over-quarter. Markets like Brazil, Canada, and Singapore were highlighted as key growth areas.

Political and Social Impact:

In a move to make crypto voters' voices heard, Coinbase supported 2.1 million Stand with Crypto Advocates, with over 80% of the 365 pro-crypto candidates they endorsed winning their races.

This political engagement resulted in 278 bi-partisan pro-crypto majorities in the House of Representatives, showcasing Coinbase's influence in shaping a favorable regulatory environment for cryptocurrencies.

USD Coin(USDC)Performance:

The year 2024 was declared the " USDC breakout year" by Coinbase, with the onchain USDC market cap growing by 225% compared to 2023. The offchain market cap also saw a 22% increase. USDC was highlighted as the fastest-growing major USD stablecoin in 2024, with its market cap growing by 79% during the year.

Conclusion:

Coinbase's Q4 2024 financial report not only speaks volumes about its financial health but also about its strategic positioning in the evolving crypto landscape. With significant growth in institutional trust, expansion into international markets, political advocacy, and the breakout performance of USDC, Coinbase is steering the crypto industry towards a new era of mainstream adoption and integration.

This report cements Coinbase's role as a leader in the cryptocurrency exchange sector, poised for further innovation and growth in the coming years.