Coinbase, a major US crypto exchange, published its latest financial results on February 15, which included the fourth-quarter and annual results for 2023.
Coinbase has reported a Q4 2023 net income of $273 millions and an EBITDA adjusted of $305,000,000. For the whole year, it reported net income of $95 and adjusted EBITDA at $964.
The firm saw significant revenue growth during Q4 2023.
- Revenue of $954 Million, an increase of 41% on a quarterly basis
- Transaction revenue increased by 83% to $529 million.
- Revenue from subscription and services of $375 Million, up 12% on a Q/Q basis
The growth rate was also mixed over the entire 2023 period, including:
- Total revenue of $3 billion is down 3% YoY
- Revenue from transactions of $1.5 billion is down 36% year-on-year
- Subscriptions and Services Revenue of $1.4 Billion, Up 78% YoY
Coinbase also said that it had strengthened its balance by reducing its debt to 12%, and increasing the total amount of US dollars held to $5.7 billion. The company’s USD balance appears to include $5.1 billion of cash and cash equivalents plus $576 million of USD Coin (USDC).
Coinbase’s full consolidated balance sheet indicates that the firm has $207 billion of assets, primarily made up of $203 billion of current assets. The various assets are…
