Coinbase宣布第四季度和全年收益，收入超出了预期

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于2月13日宣布了其第四季度和全年收益。在去年年底，选举后的强劲反弹受益，这将加密货币价格提高到了新的高价，Coinbase的第四季度绩效超出了预期。

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报告的每股收益为4.68美元，是分析师预期2.11美元的两倍以上，第四季度的利润达到13亿美元。

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.

在下班后的交易中，Coinbase的股价上涨了2％，至304美元左右，过去一年的股价上涨了112％。本文简要概述了Coinbase财务报告中的关键数据。

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

2024年全年收入加倍，第四季度贡献了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年对于加密货币和Coinbase来说都是强劲的一年，全年收入增加了一倍以上，达到65.64亿美元，净收入为26亿美元，调整后的EBITDA为33亿美元。其中，第四季度的收入达到22.7亿美元，四分之一季度增长了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.

在产品方面，Coinbase在2024年在美国现货和衍生品交易产品中获得了市场份额，并将监护权，积分和USDC资产增加到其产品套件中，这有助于使收入多样化。此外，Coinbase进一步促进了基础，Coinbase One，Prime Fancuits和International扩建等产品的采用。

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年的全年交易收入为40亿美元，同比增长162％；总交易量为12万亿美元，同比增长148％。零售交易量为2210亿美元，同比增长195％；机构交易量为9412亿美元，同比增长139％。在第四季度，Coinbase的交易收入达到16亿美元，四分之一季度增长了172％；交易量为4390亿美元，同比增长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于加密资产的波动水平上升（尤其是在第一个和第四季度）以及平均加密资产价格的上涨。支持这些更强宏观经济条件的两个主要因素是在2024年第一季度推出了比特币ETF产品，并在2024年第四季度选举了一个亲克莱特托总统和国会，以及对监管明确性的期望，这两个增加现货加密交易活动。

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在美国现货市场的市场份额在2024年增长。在现货产品中，Coinbase提高了其初始上市工作（即，是首个用于交易和监护权推出代币的集中式交流），并增加了48个新的现货交易资产。

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年成功扩大了其衍生品业务。例如，它增加了92个在国际交易所进行交易的新资产。尽管仍处于早期阶段，但零售和机构衍生品交易量和市场份额在第四季度都达到了历史性的高点。

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，零售交易量为940亿美元，四分之一季度增长了176％，远远超过了美国现货市场的126％的四分之一季度增长。该季度的零售交易收入为13亿美元，四分之一季度增长了179％。这可能与Coinbase在第四季度列出了13个新资产有关，其中包括Pepe和WLF等流行的Memecoins。总体而言，这些努力（以及市场条件）在MTU方面增加了24％的四分之一季度。

Institutional Trading Revenue

机构交易收入

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，机构交易量为3450亿美元，四分之一季度增长了128％，表现优于美国现货市场。该季度的机构交易收入为1.41亿美元，四分之一季度增长了156％。第四季度的出色表现标志着交流和主要的季度收入的四分之一季度增长。除了强大的市场条件外，机构业务还表现出强大的动力。

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为680万美元，四分之一季度增长了99％，这主要是由于Base Sorting Services的收入增加了。由于网络需求的增加和ETH价格上涨，第四季度的交易量继续在四分之一季度增长，而且每次交易的收入也更高。每次交易的平均成本仍低于$的目标