Coinbase Global, Inc. Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Coinbase Global, Inc. Q4 and Full Year 2024 Earnings Summary

  • Revenue: Full-year total revenue more than doubled YoY to $6.6 billion. Q4 consumer transaction revenue was $1.3 billion, up 179% QoQ.
  • Adjusted EBITDA: FY24 adjusted EBITDA was $3.3 billion, with Q4 contributing $1.3 billion. Company’s second consecutive year of positive adjusted EBITDA.
  • Subscription and Services Revenue: FY grew 64% YoY to $2.3 billion. Q4 revenue in this segment was $641 million, a 15% QoQ increase.
  • Trading Volume: Q4 total trading volume was $439 billion, up 137% QoQ. Consumer trading volume: $94 billion (+176%), Institutional: $345 billion (+128%).
  • Crypto Market Impact: Average crypto market cap increased 33% while volatility rose 27% in Q4. Coinbase outperformed the US spot market growth of 126%.
  • Coinbase One: Surpassed 600,000+ paid subscribers with continued growth in Q1 2025.

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Sarah: Good afternoon. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase Global, Inc. fourth quarter and full year 2024 earnings call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Anil Gupta, Vice President, Investor Relations, you may begin your conference. Anil Gupta: Thank you. Good afternoon, and welcome to the Coinbase Global, Inc. fourth quarter and full year 2024 earnings call. Joining me on today's call are Brian Armstrong, cofounder and CEO; Emilie Choi, president and COO; Alesia Haas, CFO; and Paul Grewal, chief legal officer. I hope you have all had the opportunity to read our shareholder letter, which was published on our investor relations website earlier today. Before we get started, I would like to remind you that during today's call, we may make forward-looking statements, which may vary materially from actual results. Information concerning risks, uncertainties, and other factors that could cause these results to differ is included in our SEC filings. Our discussion today will also include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our investor relations website. Non-GAAP financial measures should be considered in addition to, not as a substitute for, GAAP measures. We are once agai

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