- Coinbase (NASDAQ:COIN) reported $529 million in transaction revenue for Q4 2023, an 83% increase from the previous quarter.
- The surge was reportedly primarily driven by higher levels of volatility and crypto asset prices.
- Coinbase subscription and services revenue also grew 12% Q/Q to $375 million in the same period.
U.S.-based crypto exchange Coinbase has reported transaction revenue of $529 million for the fourth quarter of 2023, reflecting an 83% increase from the previous quarter. In a letter to shareholders, the exchange noted a surge in transaction revenue, primarily driven by higher levels of volatility and crypto asset prices.
The letter noted that Coinbase subscription and services revenue grew 12% quarter over quarter (Q/Q) to $375 million. Meanwhile, the exchange’s yearly figures reflect $3.1 billion in revenue for 2023, down 3% year over year (Y/Y), and subscription and services revenue grew 78% Y/Y to $1.4 billion during the same period.
Notably, Coinbase reported a 2023 net income of $95 million and adjusted EBITDA of $964 million. EBITDA is earnings before interest, taxes, depreciation, and …
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