Coinbase has shown impressive growth in Q4/2023

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Coinbase has had an impressive quarter with revenue and profits both surpassing market expectations.

Coinbase tăng trưởng ấn tượng trong Q4-2023 1

The largest cryptocurrency exchange in the United States, Coinbase, released its latest financial report on 15/02, which included the results of the fourth quarter and the entire year of 2023.

In Q4/2023, the company’s net profit exceeded $273 million, with EBITDA (earnings before interest, taxes, depreciation, and amortization) adjusted to $305 million, surpassing the $557 million loss from the same period the previous year. For the entire year, the exchange’s net income was around $95 million, with adjusted EBITDA reaching $964 million.

Lợi nhuận ròng

It is worth noting that Coinbase has had a significant quarter of revenue growth, as follows:

  • Total revenue: $954 million, up 41% compared to the previous quarter (Q/Q) and more than 50% higher than the same period last year;
  • Trading revenue: $529 million, up 83% Q/Q;
  • Registration and service revenue: $375 million, up 12% Q/Q.

Throughout the year 2023:

  • Total revenue: $3.1 billion, down 3% compared to the same period last year (Y/Y);
  • Trading revenue: $1.5 billion, down 36% Y/Y;
  • Registration and service revenue: $1.4 billion, up 78% Y/Y.

Tổng doanh thu

Total revenue in Q4/2023 reached $954 million

The company clarified that trading revenue in the quarter increased by 83% compared to the previous quarter, mainly due to the increased volatility and prices of cryptocurrency assets.

The exchange also stated that it had strengthened its balance sheet by reducing debt by 12% and increasing total USD holdings to $5.7 billion. The company’s USD balance currently includes $5.1 billion in cash and cash equivalents, along with $576 million in USDC.

Sàn đang nắm giữ 5,7 tỷ USD tài sản

The exchange currently holds $5.7 billion in assets

Also in the latest report, Coinbase emphasized its position in the international market. The company revealed that it had welcomed over 100 partners to its international exchange since May 2023. Of these, 80% of cryptocurrency trades took place outside the United States.

Coinbase also reiterated its role as custodian for 8 out of 11 Bitcoin spot ETFs currently in circulation.

Separate from the trading segment, Coinbase predicts that service and registration revenue for Q1/2024 will reach $480 million, and it expects total expenses to increase this year.

Đồ thị 1W của giá cổ phiếu COIN của Coinbase

The 1-week chart of COIN stock price for Coinbase. Source: TradingView (16/02/2024)

Following the announcement of business results, Coinbase’s stock has risen by over 6% to $177.44. The exchange’s stock has increased by over 150% in the past year.