Company Dashboard
Coinbase Global, Inc.
COINNASDAQThe largest U.S. cryptocurrency exchange, earning transaction fees on retail and institutional trading alongside a growing subscription and services business anchored by USDC stablecoin income.
Coverage window
20 quarters from Q1 '20 to Q4 '24
COIN Stock Price
$171.46▼ $1.53 (0.88%)as of Apr 3, 2026, 1:46 AM
Mkt Cap
$46.24B
P/E Ratio
38.53
52-wk High
$444.65
52-wk Low
$139.36
Source: Yahoo Finance · End-of-day data · Hover or tap for detail
Coinbase reports on a calendar-year basis. Quarterly charts show each reporting period; annual views aggregate by calendar year. Revenue is highly correlated to crypto market cycles and trading activity.
Latest Revenue
$2.3B
Q4 '24 (Dec 2024)
+138.2% vs Q4 '23
Full year 2024: $6.6B
Net Income
$1.3B
Q4 '24 · 78.1% gross margin
Full year 2024: $2.6B
Adj. EBITDA: $1.3B
Subscription Mix
28.2%
$641M of revenue
-11.1pp vs Q4 '23
+23.0pp vs Q1 '20
Trading Volume
$439B
Q4 '24 (Dec 2024)
+185.1% vs Q4 '23
Full year 2024: $1162B
Revenue
Transaction fees remain the core revenue driver, but subscription income is gaining share.
The revenue mix has shifted meaningfully since the 2021 bull market. Subscription and services revenue — led by USDC interest and staking — now represents a larger share of the base, reducing the cyclicality of the business.
Quarterly revenue
Crypto market cycles drive the revenue cadence; annual view smooths the pattern
Latest
Q4 '24 $2.3B
+138.2% YoY · Peak Q4 '21
Source: Coinbase SEC filings (10-Q, 10-K) · Hover, focus, or tap bars for detail · Q1 highlighted
Volume & Take Rates
Volume tracks the crypto cycle; take rates reveal the pricing power underneath.
Institutional volume dwarfs retail in dollar terms, but retail earns a dramatically higher take rate. The retail-institutional spread is where Coinbase's exchange economics become visible.
Trading volume
Quarterly crypto trading volume on Coinbase
Source: Coinbase SEC filings (10-Q, 10-K) · Click categories to filter
Stablecoin
USDC interest income emerged as a meaningful revenue line once rates rose.
Coinbase earns a share of the interest on USDC reserves through its partnership with Circle. This line was immaterial when rates were near zero but became a significant contributor starting in late 2022 as the Fed hiked.
Quarterly USDC revenue
USDC interest income from the Coinbase-Circle partnership
Latest
Q4 '24 $226M
+31.6% YoY · Peak Q3 '24
Source: Coinbase SEC filings · Subset of subscription & services revenue · Q1 highlighted
Profitability
Profitability swings with the crypto cycle, from deep losses in 2022 to record earnings in 2024.
The cost restructuring in 2022–2023 lowered the breakeven point. When volume returned in 2024, the operating leverage was significant.
Gross margin
Quarterly gross margin percentage, 2020–2024
Source: Coinbase SEC filings (10-Q, 10-K)
Capital Allocation
Cash generation is volatile, and stock-based compensation remains a significant cost.
Operating cash flow tracks the revenue cycle closely. Capex is modest for a tech platform, but SBC is a material line item that dilutes shareholders.
Full year 2024 FCF
$2.9B
Calendar-year basis
Full year 2024 Adj. EBITDA
$3.3B
Calendar-year basis
Cash flow allocation
Operating cash flow breakdown, 2020–2024
Source: Coinbase SEC filings (10-Q, 10-K) · Click categories to filter
Balance Sheet
The balance sheet carries $3.4B in convertible debt and a growing equity base.
Coinbase issued convertible notes in 2021 to fund growth. Cash reserves have rebuilt after the 2022 drawdown, and equity has expanded with the return to profitability.
Balance sheet — Assets
Total assets breakdown by liquidity
Latest
Q4 '24 $24.8B
Cash & Equivalents
Source: Coinbase SEC filings (10-Q, 10-K) · Click to toggle · Hover, focus, or tap bars for detail · Swipe or use tabs to switch views
Annual Summary
Calendar-year aggregates. Partial years remain visible so the data cut is explicit.
| Year | Revenue | Net Income | FCF | Volume | Equity | Quarters |
|---|---|---|---|---|---|---|
| 2020 | $1.3B | $322M | $390M | $203B | $4.0B | 4/4 |
| 2021 | $7.6B | $3.6B | $4.1B | $1671B | $8.7B | 4/4 |
| 2022 | $3.2B | -$2.6B | -$1.4B | $830B | $4.7B | 4/4 |
| 2023 | $3.1B | $95M | $877M | $467B | $5.8B | 4/4 |
| 2024 | $6.6B | $2.6B | $2.9B | $1162B | $10.8B | 4/4 |
Employment
Crypto winters mean hiring freezes
Coinbase annual headcount
Full-time employees as reported in annual SEC filings
Source: SEC filings (10-K) via Financial Modeling Prep
Methodology & Sources
Data is sourced from Coinbase's quarterly earnings releases and SEC filings (10-Q, 10-K, S-1). Figures are in millions USD unless noted. Trading volumes are in billions USD. Coinbase uses a calendar fiscal year (Jan–Dec). Retail and institutional breakdowns are from earnings supplements; some quarterly splits are estimated from annual ratios. USDC revenue is the Coinbase share of interest earned on USDC reserves through its partnership with Circle. Adjusted EBITDA is a non-GAAP measure per Coinbase's definition.