How has Coinbase's subscription service grown since 2022?

Coinbase's subscription service has experienced significant growth since 2022. Here's a detailed analysis:

1. **Growth in Subscription and Services Revenue**: Coinbase's subscription and services revenue has jumped by 17% quarter-over-quarter to $599 million in Q2 2024, compared to the previous quarter. This indicates a strong upward trend in the revenue generated from subscription services.
2. **Q3 2024 Performance**: In Q3 2024, Coinbase's subscription and services revenue amounted to $556 million, representing a 7% decline from the previous quarter. Despite this slight dip, the company's focus on diversifying its revenue streams has been evident, with subscription services playing a substantial role.
3. **Q4 2024 Surge**: Coinbases subscription and services revenue reached $641 million in Q4 2024, reflecting a 88% quarter-over-quarter growth. This surge is attributed to higher crypto asset prices and increased adoption of services like staking and Coinbase One.
4. **Bitcoin's Influence**: Bitcoin represented 35% of trading volumes and 31% of transaction revenues in Q2 2024. This suggests that even though Bitcoin's price fluctuations can impact transaction revenues, it has not hindered the growth of Coinbase's subscription services.
5. **Market Conditions**: The growth of Coinbase's subscription service has been influenced by market conditions, including fluctuations in crypto prices and trading volumes. For instance, the crypto bull market of late 2024 contributed to a strong Q4 performance.

In conclusion, Coinbase's subscription service has demonstrated robust growth since 2022, driven by strategic diversification and favorable market conditions. Despite some fluctuations in transaction revenues and trading volumes, the company's focus on subscription services has proven to be a successful revenue stream.