Coinbase has been a leader in cryptocurrency since its launch in 2012, currently standing as the largest U.S.-based exchange by trading volume. Initially focused on Bitcoin exchange and storage, the platform now supports diverse crypto and fiat currency transactions. Its early integration with payment processors like Stripe, Braintree, and PayPal—alongside partnerships with major brands—helped establish credibility during Bitcoin's formative years.
Key Coinbase Statistics (2024)
- Revenue: $6.2 billion (113% YoY growth)
- Net Income: $2.5 billion
- Global Users: 105 million registered / 10.8 million monthly active traders
- Valuation: $55.4 billion (up from $14.4 billion in 2023)
- Assets Under Control: $220 billion
- Annual Transaction Volume: Over $1 trillion (primarily institutional)
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Market Context and Challenges
2017 marked a turning point as Coinbase expanded its coin offerings and neared $1 billion revenue. However, operational hurdles emerged, including:
- Trade fee controversies
- Currency availability delays
- IRS-mandated disclosures of high-volume U.S. traders
Bitcoin's 2021 surge to $40K fueled Coinbase's 2021 IPO, though its valuation remains tethered to BTC's volatility—a pattern evident in 2022's downturn and 2023's gradual recovery.
Competitive Landscape
While dominant in the U.S. amateur trader segment, Coinbase trails global exchanges like Binance in trading volume. Domestic competitors include:
- Cash App (Square)
- Robinhood
European services like Revolut also encroach on its market share.
Revenue and Profit Trends
Annual Performance
| Metric | 2024 | YoY Change |
|---|---|---|
| Revenue | $6.2B | +113% |
| Net Income | $2.5B | Significant swing |
| Active Users (MAU) | 10.8M | 2X 2023 |
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User Growth and Engagement
- Registered Users: Steady climb to 105M in 2024
- Monthly Actives: Doubled since 2023 (10.8M)
Institutional investors drive ~70% of transaction volume despite generating less revenue per trade than retail users.
Transaction Insights
By Coin Type:
- BTC dominates (60% volume)
- USDT gains annual share
Volume Trends:
- 2024: Near $1T (recovering from 2023's 50% drop)
FAQs
Q: What’s Coinbase’s peak 24-hour trading volume?
A: $9.56B on January 11, 2021 (The Block Crypto).
Q: How many merchants accept Coinbase payments?
A: 8,000+, including Visa debit card partners in the U.S./Europe.
Q: Which countries support Coinbase?
A: 100+ countries with 115K+ ecosystem partners.
Source: Company filings and verified third-party reports.
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