The exchange said it increased its total dollar holdings to $5,7 billion

Coinbase’s revenue was $3,1 billion in 2023

16.02.2024 - 09:35

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2 min

What’s new? On February 15, Coinbase, the largest US crypto exchange, published its financial report for 2023. The company recorded a significant increase in revenue in the fourth quarter. Thus, in the fourth quarter, total revenue amounted to $954 million, an increase of 41% compared to the previous reporting period. Transaction revenue totaled $529 million (+83%) and subscription and services revenue totaled $375 million (+12%). The full year 2023 also saw mixed growth, with total revenue totaling $3,1 billion, down by 3% YoY.

Coinbase’s report

What else is known? Transaction revenue totaled $1,5 billion in 2023, down by 36% from the previous reporting period. Subscriptions and services revenue totaled $1,4 billion (+78%).

Coinbase also reported that it strengthened its balance sheet by reducing debt to 12% and increasing total dollar funds to $5,7 billion. The company’s dollar balance sheet includes $5,1 billion in cash and cash equivalents and 576 million USD Coin (USDC) stablecoins.

Coinbase’s full consolidated balance sheet shows that the company has $207 billion in assets, primarily consisting of $203 billion in current assets. Among the various assets not included in the current category, Coinbase listed about $450 million in digital assets.

As of February 16, COIN shares are trading at $165,67 (+3,30%).

ARK Invest Cathie Wood sells $35,5 million worth of Coinbase and Robinhood shares

ARK Invest Cathie Wood sells $35,5 million worth of Coinbase and Robinhood shares

The securities were removed from the portfolios of ARKK, ARKF, and ARKW funds

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In January, Coinbase brought on UK Treasury’s former head George Osborne as an advisor. The politician is tasked with helping the exchange engage with politicians and regulators to lobby for cryptocurrency-friendly legislation.

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