🔹 EPS: $4.68
🔹 Revenue: $2.3B (Est. $1.87B) 🟢; UP +88% Q/Q
🔹 Transaction Revenue: $1.6B (Est. $1.24B) 🟢; UP +172% Q/Q
🔹 Trading Volume: $439B (Est. $428B) 🟢
Q4 Performance Breakdown:
🔹 Subscription & Services Revenue: $641M (Est. $505M-$580M) 🟢; UP +15% Q/Q
🔹 Stablecoin Revenue: $225.9M
🔹 Blockchain Rewards: $214.9M
🔹 Custodial Fee Revenue: $43.1M
🔹 Operating Expenses: $1.2B; UP +19% Q/Q
🔹 Technology & Development, G&A Expenses: $731M
🔹 Sales & Marketing Expenses: $226M
🔹 Net Income: $1.3B; includes $476M pre-tax gains from crypto asset portfolio
Q1'25 Outlook:
🔹 Transaction Revenue: $750M through February 11, 2025
🔹 Subscription & Services Revenue: $685M-$765M
🔹 Technology & Development + G&A Expenses: $750M-$800M
🔹 Sales & Marketing Expenses: $235M-$375M
Strategic and Market Updates:
🔸 Regulatory Clarity: Strong momentum toward regulatory legislation in the U.S., including stablecoin and market structure frameworks.
🔸 Product Innovation: Growth in Coinbase One subscribers, adoption of layer 2 platform Base, and expansion of international derivatives markets.
🔸 Market Leadership: U.S. spot market share increased, and derivatives trading volume reached record highs.
Management Commentary:
🔸 CEO Brian Armstrong: "2024 was a transformative year for Coinbase and the crypto industry. The dawn of a new era for regulation opens unprecedented opportunities. We are doubling down on innovation, building foundational products, and scaling for the next decade of growth."