Coinbase Releases Fourth Quarter and Full Year 2024 Shareholder Letter
Coinbase reported strong financial results for Q4 and full year 2024. Annual revenue more than doubled to $6.6 billion, with net income of $2.6 billion and Adjusted EBITDA of $3.3 billion. Q4 performance showed total revenue of $2.3 billion, up 88% quarter-over-quarter, with transaction revenue at $1.6 billion (up 172% Q/Q) and subscription revenue at $641 million (up 15% Q/Q).
Q4 operating expenses were $1.2 billion, increasing 19% Q/Q. The company ended Q4 with $9.3 billion in USD resources, up $1.1 billion Q/Q. Net income reached $1.3 billion, including $476 million in pre-tax gains on crypto asset investments. For Q1 2025, Coinbase has generated approximately $750 million in transaction revenue through February 11 and expects subscription revenue between $685-765 million.
Coinbase ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. Il fatturato annuale è più che raddoppiato, raggiungendo $6,6 miliardi, con un utile netto di $2,6 miliardi e un EBITDA rettificato di $3,3 miliardi. Le performance del quarto trimestre hanno mostrato un fatturato totale di $2,3 miliardi, in aumento dell'88% rispetto al trimestre precedente, con ricavi da transazioni pari a $1,6 miliardi (in aumento del 172% Q/Q) e ricavi da abbonamenti pari a $641 milioni (in aumento del 15% Q/Q).
Le spese operative del quarto trimestre sono state di $1,2 miliardi, in aumento del 19% Q/Q. L'azienda ha chiuso il quarto trimestre con $9,3 miliardi in risorse in USD, in aumento di $1,1 miliardi Q/Q. L'utile netto ha raggiunto $1,3 miliardi, inclusi $476 milioni di guadagni pre-imposta sugli investimenti in criptovalute. Per il primo trimestre del 2025, Coinbase ha generato circa $750 milioni in ricavi da transazioni fino all'11 febbraio e si aspetta ricavi da abbonamenti tra $685-765 milioni.
Coinbase informó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. Los ingresos anuales más que se duplicaron, alcanzando $6.6 mil millones, con un ingreso neto de $2.6 mil millones y un EBITDA ajustado de $3.3 mil millones. El desempeño del cuarto trimestre mostró ingresos totales de $2.3 mil millones, un aumento del 88% en comparación con el trimestre anterior, con ingresos por transacciones de $1.6 mil millones (un aumento del 172% Q/Q) y ingresos por suscripción de $641 millones (un aumento del 15% Q/Q).
Los gastos operativos del cuarto trimestre fueron de $1.2 mil millones, un aumento del 19% Q/Q. La compañía cerró el cuarto trimestre con $9.3 mil millones en recursos en USD, un aumento de $1.1 mil millones Q/Q. El ingreso neto alcanzó $1.3 mil millones, incluidos $476 millones en ganancias antes de impuestos por inversiones en activos criptográficos. Para el primer trimestre de 2025, Coinbase ha generado aproximadamente $750 millones en ingresos por transacciones hasta el 11 de febrero y espera ingresos por suscripción entre $685-765 millones.
코인베이스는 2024년 4분기 및 연간 재무 결과를 발표했습니다. 연간 수익은 $6.6억 달러로 두 배 이상 증가했으며, 순이익은 $2.6억 달러, 조정 EBITDA는 $3.3억 달러에 달했습니다. 4분기 성과는 총 수익이 $2.3억 달러로 전분기 대비 88% 증가했으며, 거래 수익은 $1.6억 달러 (전분기 대비 172% 증가)이고, 구독 수익은 $641백만 달러 (전분기 대비 15% 증가)였습니다.
4분기 운영 비용은 $1.2억 달러로, 전분기 대비 19% 증가했습니다. 회사는 4분기를 $9.3억 달러의 USD 자원으로 마감했으며, 전분기 대비 $1.1억 달러 증가했습니다. 순이익은 $1.3억 달러에 달했으며, 여기에는 암호 자산 투자에 대한 세전 이익이 $476백만 달러 포함되어 있습니다. 2025년 1분기까지 코인베이스는 2월 11일까지 약 $750백만 달러의 거래 수익을 창출했으며, 구독 수익은 $685-765백만 달러 사이로 예상하고 있습니다.
Coinbase a rapporté de solides résultats financiers pour le quatrième trimestre et l'année complète 2024. Le chiffre d'affaires annuel a plus que doublé, atteignant $6,6 milliards, avec un bénéfice net de $2,6 milliards et un EBITDA ajusté de $3,3 milliards. La performance du quatrième trimestre a montré un chiffre d'affaires total de $2,3 milliards, en hausse de 88 % par rapport au trimestre précédent, avec des revenus de transaction de $1,6 milliards (en hausse de 172 % T/T) et des revenus d'abonnement de $641 millions (en hausse de 15 % T/T).
Les dépenses d'exploitation du quatrième trimestre s'élevaient à $1,2 milliards, en hausse de 19 % T/T. L'entreprise a terminé le quatrième trimestre avec $9,3 milliards de ressources en USD, en hausse de $1,1 milliard T/T. Le bénéfice net a atteint $1,3 milliards, y compris $476 millions de gains avant impôts sur les investissements en actifs cryptographiques. Pour le premier trimestre 2025, Coinbase a généré environ $750 millions de revenus de transaction jusqu'au 11 février et s'attend à des revenus d'abonnement entre $685-765 millions.
Coinbase berichtete von starken finanziellen Ergebnissen für das vierte Quartal und das gesamte Jahr 2024. Der Jahresumsatz hat sich mehr als verdoppelt und beträgt $6,6 Milliarden, mit einem Nettogewinn von $2,6 Milliarden und einem bereinigten EBITDA von $3,3 Milliarden. Die Leistung im vierten Quartal zeigte einen Gesamtumsatz von $2,3 Milliarden, was einem Anstieg von 88 % im Vergleich zum Vorquartal entspricht, wobei die Transaktionsumsätze $1,6 Milliarden (ein Anstieg von 172 % Q/Q) und die Abonnementumsätze $641 Millionen (ein Anstieg von 15 % Q/Q) betrugen.
Die Betriebsausgaben im vierten Quartal beliefen sich auf $1,2 Milliarden, was einem Anstieg von 19 % Q/Q entspricht. Das Unternehmen schloss das vierte Quartal mit $9,3 Milliarden an USD-Ressourcen ab, was einem Anstieg von $1,1 Milliarden Q/Q entspricht. Der Nettogewinn erreichte $1,3 Milliarden, einschließlich $476 Millionen an steuerfreien Gewinnen aus Investitionen in Krypto-Assets. Für das erste Quartal 2025 hat Coinbase bis zum 11. Februar etwa $750 Millionen an Transaktionsumsätzen generiert und erwartet Abonnementumsätze zwischen $685-765 Millionen.
- Revenue more than doubled YoY to $6.6 billion
- Q4 transaction revenue up 172% Q/Q to $1.6 billion
- Net income of $2.6 billion for 2024
- Strong balance sheet with $9.3 billion in USD resources
- Subscription revenue grew 15% Q/Q to $641 million
- Adjusted EBITDA of $3.3 billion for 2024
- Operating expenses increased 19% Q/Q to $1.2 billion
- Significant portion of Q4 net income ($476M) from unrealized crypto gains
Insights
Coinbase's stellar Q4 and FY2024 performance marks a pivotal transformation in its business model and market position. The company's total revenue surge to
The Q4 results reveal three critical developments: First, the
The company's operational efficiency is evident in the controlled increase of operating expenses, which rose
The regulatory landscape shows promising developments, with progress on stablecoin legislation and market structure reforms. The granted interlocutory appeal in the SEC litigation represents a potentially significant legal milestone. These regulatory clarifications could reduce uncertainty and potentially expand institutional participation.
Looking ahead, the Q1 2025 guidance suggests continued momentum, with
REMOTE FIRST COMPANY //
2024 was a strong year for crypto and for Coinbase - our revenue more than doubled to
Total operating expenses were
We continue to drive revenue and expand utility through product innovation. Coinbase advanced the cryptoeconomy by deepening institutional adoption, scaling international growth, and expanding real-world utility. Our investments in newer products helped drive revenue growth, and we continue to innovate with products that showcase the power of onchain finance. Base continued its rapid ascent, enabling developers to build new financial products that drive user engagement and ecosystem expansion.
There is strong momentum to finally achieve regulatory clarity for the industry. We remain deeply engaged in advancing policy frameworks to support a clear and innovation-friendly regulatory environment for crypto. Momentum is building in the U.S. for legislation addressing stablecoins and broader market structure. We also made good progress with licenses internationally. Additionally, we achieved important developments in our ongoing litigation with the SEC. In January 2025, a district court granted our request for interlocutory appeal. Discovery is paused pending the outcome of this process.
Q1 2025 Outlook
- Through February 11, we have generated approximately
$750 million of transaction revenue. - We expect Q1 subscription and services revenue to be within a range of
$685 -$765 million . - We expect Q1 transaction expenses will be in the mid-to-high teens as a percentage of net revenue.
- We expect technology & development and general & administrative expenses to range from
$750 -$800 million , reflecting growth in variable expenses related to elevated Trading Volume as well as payroll taxes and headcount. - We expect sales and marketing expenses to increase Q/Q to
$235 -$375 million , driven by potential variability in:- Performance marketing
- USDC assets in our product suite, which drive USDC rewards
The Company will hold a question and answer session to discuss its fourth quarter and full year 2024 financial results on Thursday, February 13, 2025, at 2:30 p.m. PT.
The live webcast of the call can be accessed here. Following the call, a replay of the call, as well as a transcript, will be available on its Investor Relations website at investor.coinbase.com.
Disclosure Information
In addition to filings with the Securities and Exchange Commission, the Company uses its Investor Relations website (investor.coinbase.com), its blog (blog.coinbase.com), press releases, public conference calls and webcasts, its X feed (@coinbase), Brian Armstrong’s X feed (@brian_armstrong), its LinkedIn page, and its YouTube channel as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Coinbase
Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. We’re updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250213983706/en/
Press:
press@coinbase.com
Investor Relations:
investor@coinbase.com
Source: Coinbase Global, Inc.
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