Coinbase Q4 Earnings Highlights: Trading Platform Welcomes 'Dawn Of A New Era For Crypto'

by Chris Katje Benzinga Staff Writer

Zinger Key Points

Coinbase reports fourth-quarter revenue of $2.3 billion, up 88% quarter-over-quarter.
Consumer trading volume was $94 billion in the fourth quarter, up 176% quarter-over-quarter.
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Coinbase Global COIN reported fourth-quarter financial results after the market close Thursday.

Here are the key highlights.

What Happened: Coinbase reported fourth-quarter revenue of $2.3 billion, up 88% quarter-over-quarter. The revenue figure beat a Street consensus estimate of $1.83 billion, according to data from Benzinga Pro.

The company saw transaction revenue of $1.6 billion, up 172% quarter-over-quarter in the fourth quarter. Subscription and services revenue was $641 million, up 15% quarter-over-quarter and beating the company's guidance of a range of $505 million to $580 million.

Consumer trading volume was $94 billion in the fourth quarter, up 176% quarter-over-quarter. The company said this growth outpaced the U.S. spot market, which was up 126% quarter-over-quarter.

The company’s fourth-quarter GAAP earnings per share were $4.68 versus a Street consensus estimate of $1.81.

Coinbase added several new cryptocurrencies to trade in the fourth quarter, with Pepe Coin PEPE/USD and dogwifhat WIF/USD highlighted in the report.

Bitcoin BTC/USD made up the largest share of trading volume and transaction revenue at 27% and 27%, respectively. These figures were down from 37% and 35%, respectively, in the third quarter.

Ethereum ETH/USD made up 10% of trading volume in the quarter for Coinbase and 10% of transaction revenue, down from 15% and 13%, respectively, in the third quarter.

XRP Token XRP/USD made up 14% of transaction revenue in the fourth quarter.

Coinbase had revenue of $6.6 billion for the full fiscal year, which was up 111% year-over-year. Full-year transaction revenue was $4 billion, up 162% year-over-year.

What's Next: Coinbase said it is seeing strong momentum thanks to regulatory clarity and a new White House administration, along with record high prices for several cryptocurrencies.

"It's the dawn of a new era for crypto. Crypto's voice was heard loud and clear in the U.S. elections," the company said.

The company said Donald Trump‘s administration is moving fast to "fulfill its promise of making the U.S. the crypto capital of the planet."

Coinbase said it will double down on building, something it said it does best.

"Our goals in 2025 are to drive revenue, drive utility, and scale our foundations."

The company is guiding for first-quarter subscription and services revenue in a range of $685 million to $765 million.

Through Feb. 11, the company said it had transaction revenue of $750 million.

COIN Price Action: Coinbase stock is up 3.5% to $308.53 in after-hours trading Thursday versus a 52-week trading range of $146.14 to $349.75. Coinbase shares were up 8.4% to $298.11 during Thursday's trading session.

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