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

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

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

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

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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