Previewing Coinbase Q4 2024 Earnings

In this issue of Coin Metrics’ State of the Network, we preview Coinbase’s Q4 2024 earnings using a combination of Coin Metrics’ suite of market data and on-chain data alongside publicly available information.

Key Takeaways:

• We estimate Coinbase to report ~$2B in total revenue for Q4 2024, a 65% increase QoQ and 109% YoY, driven by a rebound in transaction revenue and steady growth in subscriptions & services.
• Trading volumes surged to ~$430B—the highest since Q4 2021—fueled by renewed market optimism post-U.S. election, while USDC supply grew 23%, likely boosting Coinbase’s stablecoin revenue.
• Base generated 8,047 ETH ($26.36M) in sequencer revenue and 7,417 ETH ($24.18M) in profit, maintaining strong profitability as low settlement costs on Ethereum sustained high margins.
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