[NEWS] Coinbase surpasses market expectations with huge revenue growth: Total revenue up 88% from last quarter

Coinbase, a US cryptocurrency exchange, announced its fourth quarter and full-year financial results for 2024 on the 13th. The results reflected the strength of the cryptocurrency market, and the stock price rose 8.44% from the previous day.

Coinbase reported total revenue of $2.3 billion (approximately 351.5 billion yen) for the fourth quarter of 2024. This is an 88% increase from the previous quarter. Trading revenue also increased 172% from the previous quarter to $1.6 billion (approximately 244.5 billion yen).

Trading volume reached $439 billion (approximately 67 trillion yen), about three times higher than the same period last year. Led by the fourth quarter, full-year trading volume reached $1.162 trillion (approximately 177 trillion yen). Full-year trading volume also increased by about 2.5 times compared to the previous year. All of the financial results significantly exceeded market expectations.

In its financial statements, Coinbase emphasized that "this is the beginning of a new era for crypto assets." It said that the industry's voice was heard during last year's US presidential election, and that the unclear regulatory environment is coming to an end. It also expressed hope for the Trump administration's policies to "make the US the center of crypto assets."

The company's goals for 2025 include "improving profits," "improving practicality," and "expanding its base." It also plans to expand its custody services and attract users to on-chain by popularizing its proprietary Layer 2, Base.

In response to the market conditions since last year, domestic cryptocurrency exchanges are also seeing favorable results.

SBI Holdings, which owns SBI VC Trade, etc., reported that its cryptocurrency business reached a new record high in the third quarter, up 103.5% from the same period last year. It expanded its customer base and achieved significant increases in revenue and profits. SBI Holdings also set a new record high in profits, explaining that the cryptocurrency business contributed greatly to the company's success.

GMO Coin also reported that its sales increased 133.1% from the same period last year to approximately 8.9 billion yen, and its operating profit increased by approximately 4.6 billion yen from the previous year to approximately 3.4 billion yen, turning to the black.

In addition, Monex Group, which owns Coincheck, also revealed that the trading volume of the exchange reached approximately 4 trillion yen. Operating revenue, including trading profits and losses, was approximately 9.9 billion yen, an increase from the same period last year, but the segment loss was approximately 14.3 billion yen due to the recording of temporary expenses incurred when listing on NASDAQ.

Reference: Financial Statements
Image: Shutterstock

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