"Coinbase Closes 2024 with Record Revenue, $9.3B in Cash"

Coinbase, a leading cryptocurrency exchange, concluded 2024 with record-breaking revenue and growth, marking a significant milestone in its history. The company generated a total revenue of $6.6 billion, a substantial increase from previous years, and achieved a net income of $2.6 billion, demonstrating strong profitability.

Coinbase's financial stability was further solidified with positive Adjusted EBITDA of $3.3 billion, marking the second consecutive year of positive results. Subscription service revenues reached $2.3 billion during this period, and the company's financial position was bolstered by ending the year with $9.3 billion in USD resources.

The fourth quarter of 2024 was particularly impressive for Coinbase, with total revenue of $2.3 billion and a net income of $1.3 billion. The company also achieved its highest-ever Adjusted EBITDA of $1.3 billion during this quarter.

Institutional progress was a significant accomplishment for Coinbase in 2024. Total assets under custody surpassed $220 billion, with institutional trading volume expanding by 128% in a single quarter. Exchange-Traded Funds (ETFs) played a critical role in driving assets under custody to reach $93.2 billion. The institutional business of Coinbase experienced substantial growth as top clients rapidly adopted their Prime suite.

The Base platform, operated by Coinbase, demonstrated significant expansion in 2024. It transformed into the dominant Layer 2 solution, offering quicker and less expensive transactions. Bitcoin-backed loans introduced through the platform resulted in an 89% quarter-over-quarter increase in assets, which exceeded $14 billion.

The stablecoin USDC achieved remarkable performance throughout the year. The market capitalization of the company expanded by 22% between quarters and reached a 79% increase for the entire year. The number of USDC on-chain payments through 2024 reached 225% growth over previous-year levels, solidifying its position as the principle USD stablecoin with the fastest rate of expansion.

Coinbase's international expansion was marked by the addition of 92 new trading assets. The international exchange experienced remarkable customer balance growth, increasing by two times, with markets in Canada, Brazil, and Singapore demonstrating significant expansion.

During the election, Coinbase successfully secured support