Cryptocurrency exchange Coinbase Global (COIN) has reported fourth-quarter 2024 financial results that surged past Wall Street’s targets.
Fueled by growth in the trading of Bitcoin (BTC) and other digital assets, Coinbase announced
earnings per share (EPS) of $4.68 U.S., which was more than double the $2.04 U.S. consensus expectation of analysts.
Revenue in the quarter amounted to $2.27 billion U.S., which was far ahead of the $1.88 billion U.S. estimate on Wall Street. Sales were up 130% from a year earlier.
Transaction revenue at Coinbase more than doubled from last year to $1.56 billion U.S., and beat estimates that called for $1.29 billion U.S.
Total trading volume on the company’s platform during Q4 2024 was $439 billion U.S., up 185% year-over-year.
Retail investor trading volumes rose 224% from the same period a year ago, while trading volume among institutional investors increased 176%.
The management team at Coinbase said the exceptionally strong quarter was due to a raging postelection rally that pushed crypto prices to record levels at the end of last year.
Bitcoin and other crypto have surged since U.S. President Donald Trump won re-election last November, promising to usher in a new era for digital coins and tokens.
Coinbase, which runs the largest U.S. marketplace for buying and selling crypto, also credited the continued popularity of spot Bitcoin exchange-traded funds (ETFs) for its strong results.
Despite the exceptional print, Coinbase Global’s stock was trading flat in after hours trading.
Over the last 12 months, the company’s share price has risen 86% to trade at $298.11 U.S. per share.
