Coinbase宣布第四季度和全年收益，收入超出了預期

消息

Coinbase announced its Q4 and full-year earnings on February 13. Benefiting from a strong rebound after the elections, which drove cryptocurrency prices to new highs at the end of last year, Coinbase's Q4 performance exceeded expectations.

Coinbase於2月13日宣布了其第四季度和全年收益。在去年年底，選舉後的強勁反彈受益，這將加密貨幣價格提高到了新的高價，Coinbase的第四季度績效超出了預期。

Coinbase reported earnings per share of $4.68, more than double the analysts' expectation of $2.11, with Q4 profits reaching $1.3 billion.

Coinbase報告的每股收益為4.68美元，是分析師預期2.11美元的兩倍以上，第四季度的利潤達到13億美元。

In after-hours trading, Coinbase's stock price rose 2% to around $304, with the stock price increasing by 112% over the past year. This article provides a quick overview of the key data from Coinbase's financial report.

在下班後的交易中，Coinbase的股價上漲了2％，至304美元左右，過去一年的股價上漲了112％。本文簡要概述了Coinbase財務報告中的關鍵數據。

2024 Full-Year Revenue Doubles, Q4 Contributes Over 30% of Income

2024年全年收入加倍，第四季度貢獻了30％以上的收入

2024 was a strong year for both cryptocurrency and Coinbase, with full-year revenue more than doubling to $6.564 billion, net income of $2.6 billion, and adjusted EBITDA of $3.3 billion. Among these, Q4 revenue reached $2.27 billion, an 88% quarter-over-quarter increase.

2024年對於加密貨幣和Coinbase來說都是強勁的一年，全年收入增加了一倍以上，達到65.64億美元，淨收入為26億美元，調整後的EBITDA為33億美元。其中，第四季度的收入達到22.7億美元，四分之一季度增長了88％。

In terms of products, Coinbase gained market share in U.S. spot and derivatives trading products in 2024 and added custody, staking, and USDC assets to its product suite, which helped diversify revenue. Additionally, Coinbase further promoted the adoption of products like Base, Coinbase One, Prime Financing, and international expansion.

在產品方面，Coinbase在2024年在美國現貨和衍生品交易產品中獲得了市場份額，並將監護權，積分和USDC資產增加到其產品套件中，這有助於使收入多樣化。此外，Coinbase進一步促進了基礎，Coinbase One，Prime Fancuits和International擴建等產品的採用。

Trading Revenue

交易收入

Full-year trading revenue for 2024 was $4 billion, a year-over-year increase of 162%; total trading volume was $12 trillion, up 148% year-over-year. Retail trading volume was $221 billion, a year-over-year increase of 195%; institutional trading volume was $941.2 billion, a year-over-year increase of 139%. In Q4, Coinbase's trading revenue reached $1.6 billion, a 172% quarter-over-quarter increase; trading volume was $439 billion, a year-over-year increase of 185%.

2024年的全年交易收入為40億美元，同比增長162％；總交易量為12萬億美元，同比增長148％。零售交易量為2210億美元，同比增長195％；機構交易量為9412億美元，同比增長139％。在第四季度，Coinbase的交易收入達到16億美元，四分之一季度增長了172％；交易量為4390億美元，同比增長185％。

The majority of the year-over-year increase in trading volume for Coinbase in 2024 was due to rising volatility levels in crypto assets (especially in the first and fourth quarters) and an increase in average crypto asset prices. Two main factors supporting these stronger macroeconomic conditions were the launch of Bitcoin ETF products in the first quarter of 2024 and the election of a pro-crypto president and Congress in the fourth quarter of 2024, along with expectations of regulatory clarity, both of which led to increased spot crypto trading activity.

Coinbase在2024年的交易量增加的大部分是由於加密資產的波動水平上升（尤其是在第一個和第四季度）以及平均加密資產價格的上漲。支持這些更強宏觀經濟條件的兩個主要因素是在2024年第一季度推出了比特幣ETF產品，並在2024年第四季度選舉了一個親克萊特托總統和國會，以及對監管明確性的期望，這兩個增加現貨加密交易活動。

Furthermore, Coinbase's market share in the U.S. spot market grew in 2024. In spot products, Coinbase increased its initial listing efforts (i.e., being the first centralized exchange to launch tokens for trading and custody) and added 48 new spot trading assets.

此外，Coinbase在美國現貨市場的市場份額在2024年增長。在現貨產品中，Coinbase提高了其初始上市工作（即，是首個用於交易和監護權推出代幣的集中式交流），並增加了48個新的現貨交易資產。

Additionally, Coinbase successfully expanded its derivatives business in 2024. For example, it added 92 new assets for trading on international exchanges. Although still in the early stages, both retail and institutional derivatives trading volumes and market shares reached historic highs in the fourth quarter.

此外，Coinbase在2024年成功擴大了其衍生品業務。例如，它增加了92個在國際交易所進行交易的新資產。儘管仍處於早期階段，但零售和機構衍生品交易量和市場份額在第四季度都達到了歷史性的高點。

Retail Trading Revenue

零售交易收入

In Q4, retail trading volume was $94 billion, a 176% quarter-over-quarter increase, far exceeding the 126% quarter-over-quarter growth in the U.S. spot market. Retail trading revenue for the quarter was $1.3 billion, a 179% quarter-over-quarter increase. This may be related to Coinbase listing 13 new assets in the fourth quarter, including popular memecoins like PEPE and WlF. Overall, these efforts (along with market conditions) drove a 24% quarter-over-quarter increase in MTU.

在第四季度，零售交易量為940億美元，四分之一季度增長了176％，遠遠超過了美國現貨市場的126％的四分之一季度增長。該季度的零售交易收入為13億美元，四分之一季度增長了179％。這可能與Coinbase在第四季度列出了13個新資產有關，其中包括Pepe和WLF等流行的Memecoins。總體而言，這些努力（以及市場條件）在MTU方面增加了24％的四分之一季度。

Institutional Trading Revenue

機構交易收入

In Q4, institutional trading volume was $345 billion, a 128% quarter-over-quarter increase, outperforming the U.S. spot market. Institutional trading revenue for the quarter was $141 million, a 156% quarter-over-quarter increase. The strong performance in the fourth quarter was marked by significant quarter-over-quarter growth in revenue from exchanges and Prime. In addition to strong market conditions, institutional business also showed robust momentum.

在第四季度，機構交易量為3450億美元，四分之一季度增長了128％，表現優於美國現貨市場。該季度的機構交易收入為1.41億美元，四分之一季度增長了156％。第四季度的出色表現標誌著交流和主要的季度收入的四分之一季度增長。除了強大的市場條件外，機構業務還表現出強大的動力。

Other Trading Revenue

其他交易收入

Other trading revenue in Q4 was $6.8 million, a 99% quarter-over-quarter increase, primarily due to increased revenue from Base's sorting services. With increased network demand and rising ETH prices in the fourth quarter, trading volumes continued to grow quarter-over-quarter, and revenue per trade was also higher. The average cost per trade remained below the target of $

第四季度的其他交易收入為680萬美元，四分之一季度增長了99％，這主要是由於Base Sorting Services的收入增加了。由於網絡需求的增加和ETH價格上漲，第四季度的交易量繼續在四分之一季度增長，而且每次交易的收入也更高。每次交易的平均成本仍低於$的目標