Coinbase's Q4 earnings showcased a significant improvement compared to Q3, underscoring the influence of the recent resurgence in the cryptocurrency market after a period of decline.
Coinbase released its Q4 and full-year earnings, revealing robust financial performance. In Q4, the company witnessed a 41% surge in total revenue to $954 million, an increase in adjusted EBITDA by 69% to $305 million, and reported a notable net income of $273 million. The quarter was marked by increased volatility and higher cryptocurrency values, resulting in substantial growth in transaction revenue, consumer transaction revenue, and trading volume. For the fiscal year 2023, Coinbase reported total revenue of $3.1 billion and an adjusted EBITDA of $964 million. This strong showing in Q4 culminated in a 2023 net income of $95 million and an optimistic forecast for Q1 2024 subscription and services revenue.
Coinbase provided an update on the ongoing SEC v Coinbase litigation. The case hinges on a Motion to Dismiss (MTD) filed by Coinbase, contending that the SEC lacks the statutory authority to regulate US crypto exchanges. Legal experts are seemingly favoring Coinbase, with a 70% chance of winning according to Bloomberg Intelligence's Senior Litigation Analyst. The ruling's implications are significant for the US crypto market, with potential routes depending on the outcome of the Motion to Dismiss. Furthermore, US Treasury Secretary Janet Yellen's congressional testimony spotlighted the absence of regulatory framework for non-security cryptos, inadvertently impacting the case.
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