Core Insights - Coinbase Global, Inc. reported a significant increase in net operating earnings per share for Q4 2024, reaching $3.39, which exceeded the Zacks Consensus Estimate by 74.7% and represented a more than three-fold increase year over year [1][2] - The company's total revenues for Q4 2024 were $2.3 billion, surpassing the Zacks Consensus Estimate by 21.3% and more than doubling year over year, driven by higher transaction revenues and subscription services [3][10] Financial Performance - Total trading volume in Q4 2024 more than doubled year over year to $439 million, exceeding the Zacks Consensus Estimate of $391 million [3] - Total transaction revenues surged nearly three-fold year over year to $1.56 billion, significantly above the Zacks Consensus Estimate of $1 billion [4] - Subscription and services revenues increased by 70.7% year over year to $641.1 million, driven by higher crypto asset prices and growth in Coinbase One subscribers, beating the Zacks Consensus Estimate of $586 million [5] - Adjusted EBITDA for the quarter was $1.3 billion, nearly four times higher year over year, while total operating expenses rose by 47.6% to $1.2 billion [6] Financial Position - As of December 31, 2024, Coinbase had cash and cash equivalents of $8.5 billion, a 66.2% increase from the end of 2023, while long-term debt rose by 42% to $4.2 billion [7] - Shareholders' equity reached $10.3 billion at the end of Q4 2024, up 63.6% from the previous year [7] Q1 2025 Outlook - Coinbase anticipates subscription and services revenues to grow sequentially, projected to be between $685 million and $765 million [8] - The company expects technology and development expenses to be in the range of $750 million to $800 million, reflecting increased variable expenses due to elevated trading volume [9]

Group 1 - Coinbase (NASDAQ: COIN) reported strong FY 2024 results, particularly in the last quarter, attributed to the historic re-election of Donald Trump and his pro-crypto campaign stance [1] - The company emphasizes a long-term investment approach, focusing on valuations rather than short-term price predictions [1] - The investment strategy has shifted to a simplified "Buy or Don't Buy" approach, moving away from issuing Sell ratings [1] Group 2 - The article reflects a cautious perspective on investment, aiming for continuous improvement and growth in understanding company fundamentals [1]

Core Insights - Coinbase Global, Inc. reported a revenue of $2.27 billion for Q4 2024, marking a year-over-year increase of 138.2% and an EPS of $3.39 compared to $1.04 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $1.84 billion by 23.65%, and the EPS surpassed the consensus estimate of $1.94 by 74.74% [1] Financial Performance Metrics - Trading Volume reached $439 billion, exceeding the six-analyst average estimate of $391.25 billion [4] - Institutional Trading Volume was $345 billion, compared to the five-analyst average estimate of $313.95 billion [4] - Consumer Trading Volume was $94 billion, surpassing the average estimate of $63.28 billion [4] - Net Revenue was reported at $2.20 billion, exceeding the eight-analyst average estimate of $1.62 billion [4] - Total Subscription and Services Net Revenue was $641.10 million, compared to the estimated $585.87 million, reflecting a year-over-year increase of 70.8% [4] - Transaction Revenue was $1.56 billion, significantly higher than the estimated $1.04 billion, representing a 194% year-over-year increase [4] - Other Revenue was $74.61 million, compared to the average estimate of $68.97 million, showing a 51.8% year-over-year change [4] - Net Transaction Revenue from Consumers was $1.35 billion, exceeding the average estimate of $859.14 million [4] - Net Transaction Revenue from Other Transactions was $67.60 million, compared to the estimated $43.01 million [4] - Institutional Net Transaction Revenue was $141.30 million, surpassing the average estimate of $104.13 million, reflecting a 285% year-over-year increase [4] - Other Subscription and Services Net Revenue was $91.40 million, exceeding the four-analyst average estimate of $63.75 million, with a year-over-year change of 96.6% [4] - Blockchain Subscription and Services Net Revenue was $214.90 million, compared to the average estimate of $174.84 million, representing a year-over-year change of 126% [4]

Financial Performance - In 2024, Coinbase Global, Inc. reported total revenue of $6.6 billion, more than doubling from the previous year, with adjusted EBITDA of $3.3 billion, marking two consecutive years of positive adjusted EBITDA [10][29] - The company's subscription services revenue increased by 64% year-over-year to $2.3 billion, driven by USDC, staking, and Coinbase One [11][29] - Total trading volume for Q4 was $439 billion, up 137%, with consumer trading volume reaching $94 billion, up 176% [31][29] - Adjusted EBITDA for Q4 was $1.3 billion, with net income also at $1.3 billion, benefiting from $476 million in pretax gains on the crypto asset investment portfolio [38][29] Business Lines Performance - Subscription and services revenue reached $641 million, up 15%, driven by higher asset prices and USDC market cap [35][29] - Stablecoin revenue declined by $21 million or 9%, while other subscription and services revenue grew by $33 million or 56%, largely due to Coinbase One [36][29] - Institutional trading volume was $345 billion, up 128%, with institutional transaction revenue at $141 million, up 156% [33][29] Market Data - The average crypto market cap increased by 33% and crypto asset volatility rose by 27% in Q4 [30][29] - International revenue share reached 19% in Q4, attributed to improved payment rails and localization efforts [11][29] Company Strategy and Industry Competition - Coinbase aims to capitalize on regulatory tailwinds and expand its market presence by replicating successful strategies in new high-growth markets [12][20] - The company plans to drive revenue growth through existing products, enhance utility for mass adoption, and scale its foundational services [24][20] - Coinbase is focused on becoming the preferred partner for companies integrating crypto, with a vision of expanding the use of crypto in daily transactions and payments [14][20] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential for crypto to integrate into mainstream financial systems and the importance of regulatory clarity [7][27] - The company anticipates a strong start to 2025, with expectations for Q1 subscription and services revenue to grow sequentially [44][29] - Management emphasized the need for clear market structure legislation and stablecoin frameworks to facilitate growth in the crypto sector [90][29] Other Important Information - The SEC's recent changes in accounting rules have led to a shift in how customer assets are reported, with a focus on assets on the platform [41][29] - Coinbase's strong balance sheet, with $9.3 billion in USD resources, provides flexibility for investments and acquisitions [39][29] Q&A Session Summary Question: Impact of February liquidation event on users - Management noted that volatility is inherent in crypto, and there was no meaningful impact on business from the February price actions [48][47] Question: Promising growth drivers under new regulatory regime - Management highlighted the diverse revenue streams and ongoing international expansion as key growth drivers [50][51] Question: Initiatives possible under new regulatory regime - Management discussed potential for perpetual futures and tokenized securities as exciting areas for future growth [56][57] Question: Consumer acquisition strategy - Management emphasized the importance of trust and brand recognition in attracting new users, alongside effective marketing strategies [99][101] Question: Retail trading fees dynamics - Management explained that strong growth in both simple and advanced trading contributed to stable retail fee rates despite increased trading volume [140][138] Question: Competitive landscape and differentiation - Management expressed a commitment to expanding the crypto user base and highlighted the importance of building a trusted platform [142][141]

Group 1: Earnings Performance - Coinbase Global, Inc. reported quarterly earnings of $3.39 per share, exceeding the Zacks Consensus Estimate of $1.94 per share, and showing a significant increase from $1.04 per share a year ago, representing an earnings surprise of 74.74% [1] - The company posted revenues of $2.27 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 23.65%, compared to revenues of $953.8 million in the same quarter last year [2] Group 2: Stock Performance and Outlook - Coinbase Global shares have increased approximately 10.7% since the beginning of the year, outperforming the S&P 500's gain of 2.9% [3] - The current consensus EPS estimate for the upcoming quarter is $0.93 on revenues of $1.52 billion, and for the current fiscal year, it is $3.87 on revenues of $6.05 billion [7] Group 3: Industry Context - The Financial - Miscellaneous Services industry, to which Coinbase Global belongs, is currently ranked in the top 19% of over 250 Zacks industries, indicating a favorable outlook for stocks within this sector [8]

Financial Performance - Coinbase reported fourth-quarter revenue of $2.3 billion, an increase of 88% quarter-over-quarter, surpassing the Street consensus estimate of $1.83 billion [1] - The company achieved transaction revenue of $1.6 billion, up 172% quarter-over-quarter, and subscription and services revenue of $641 million, up 15% quarter-over-quarter, exceeding guidance of $505 million to $580 million [2] - Full fiscal year revenue reached $6.6 billion, a 111% increase year-over-year, with full-year transaction revenue at $4 billion, up 162% year-over-year [4] Trading Volume and Market Share - Consumer trading volume in the fourth quarter was $94 billion, up 176% quarter-over-quarter, outpacing the U.S. spot market growth of 126% [2] - Bitcoin accounted for 27% of trading volume and transaction revenue, down from 37% and 35% in the third quarter, while Ethereum made up 10% of both trading volume and transaction revenue, down from 15% and 13% [3][4] - XRP Token contributed 14% to transaction revenue in the fourth quarter [4] Future Outlook - Coinbase expressed optimism about strong momentum due to regulatory clarity and a new White House administration, indicating a new era for crypto [5] - The company plans to focus on building and aims to drive revenue and utility, with a first-quarter subscription and services revenue guidance of $685 million to $765 million [6] - As of February 11, the company reported transaction revenue of $750 million [6] Stock Performance - Coinbase stock rose 3.5% to $308.53 in after-hours trading, with an 8.4% increase to $298.11 during Thursday's trading session [7]

Core Insights - Coinbase reported better-than-expected fourth-quarter results, achieving its largest quarterly revenue in three years, driven by a significant post-election rally in cryptocurrency prices [1][2] Financial Performance - The company reported a net income of $1.3 billion, or $4.68 per share, compared to $273 million, or $1.04 per share, in the same period last year [2] - Revenue reached $2.3 billion, up from $953.8 million year-over-year, with transaction revenue more than doubling to $1.56 billion, surpassing analyst estimates of $1.29 billion [3][6] - Total trading volume was $439 billion, reflecting a 185% increase year-over-year, with consumer trading volume rising 224% and institutional trading volume increasing 176% [3] Market Drivers - The growth in trading volume was attributed to higher levels of cryptocurrency asset volatility and increased average crypto asset prices, particularly influenced by the launch of bitcoin ETF products and the election of a pro-crypto President and Congress [4]

Business Performance Metrics - The company emphasizes the importance of key business metrics such as Monthly Transacting Users, Assets on Platform, and Trading Volume, which are critical for evaluating performance[17] - A substantial portion of total revenue is dependent on the prices of crypto assets, particularly Bitcoin, Ethereum, and stablecoin revenue from USDC, indicating potential risks if these areas decline[26] - The company anticipates volatility in net income due to changes in fair values associated with investments, which could materially impact financial statements[29] Financial Outlook - Future financial performance is expected to fluctuate significantly due to the volatile nature of crypto assets, impacting net revenue and operating expenses[26] - The regulatory landscape remains uncertain, and compliance with evolving laws is crucial for maintaining operational integrity and financial health[26] Strategic Initiatives - The company plans to continue expanding internationally and developing new products and services to meet changing customer demands and competitive pressures[21] - Future acquisitions or investments in complementary companies are planned, with a focus on successful integration to enhance business capabilities[21] - Strategic partnerships and collaborations are essential for growth, but failures in these relationships could adversely affect business operations[26] Legal and Compliance Risks - The company is subject to various legal proceedings that may impact financial condition and results of operations, requiring significant judgment in estimating liabilities[540] Security and User Control - The company utilizes a self-custodied wallet model, allowing users to hold their private keys, which enhances security and user control[19]

Fourth Quarter and Full Year 2024 February 13, 2025 Fellow Shareholders, Coinbase delivered strong Q4 and full year 2024 results, with full year revenue of $6.6 billion, net income of $2.6 billion, and Adjusted EBITDA of $3.3 billion. Zooming out, the last few months have demonstrated a sea change in the regulatory environment, unlocking new opportunities for Coinbase and the crypto industry. It's the dawn of a new era for crypto. Crypto's voice was heard loud and clear in the US elections, and the era of r ...

Coinbase Global Inc COIN will be reporting its fourth-quarter earnings on Thursday. Wall Street expects $1.81 in EPS and $1.83 billion in revenues as the company reports after market hours.The stock is up 108.50% over the past year, 13.80% YTD.Let’s look at what the charts indicate for Coinbase stock and how the stock maps against Wall Street estimates.Read Also: Top Wall Street Forecasters Revamp Coinbase Price Expectations Ahead Of Q4 EarningsCOIN Stock Strongly Bullish Ahead Of Q4 Earnings Chart created ...