Coinbase: Key Financial & Business Statistics

Last updated: May 10th, 2022. Updated quarterly.

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Coinbase Overview

  • Ticker: $COIN
  • Industry: Capital Markets
  • CEO: Brian Armstrong
  • Year Founded: 2012
  • IPO Date: April 14th 2021
  • Website:

Coinbase's Revenue, Gross Profit, EBITDA, and Free Cash Flow

Last twelve month's (LTM) data

Quarterly data

How Coinbase Makes Money (Its Business Model)

Coinbase makes money in two ways: transaction fees and subscriptions and services.

Transaction vs. subscription revenue

Transaction revenue (retail vs. institutional)

  • Transaction revenue: Fees earned from customers transacting on its platform.

Transaction revenue (% of total)

Subscription and services revenue breakdown

  • Blockchain rewards (includes Staking revenue): Fees/rewards earned when Coinbase does various activities on a blockchain, like staking.
  • Custodial: Fees earned from cold storage services.
  • Earn Campaign: Coinbase helps new companies educate their customers through courses. Coinbase earns a commission when a customer completes a course. Here are some examples.
  • Interest income: Interest earned from fiat funds.
  • Other: Primarily revenue from Coinbase Cloud. Coinbase Cloud helps developers build crypto products through its crypto payment and trading APIs, data access, and staking infrastructure.  

Coinbase's Key Business Metrics

Coinbase tracks four metrics to measure the health of its business.

  • Verified users
  • Monthly transacting users (MTU)
  • Assets on platform
  • Trading volume

Verified and monthly transacting users

  • Verified Users: Retail users, institutions, and ecosystem partners with a registered account and a confirmed email address, phone number, or have a username with its non-custodial wallet. Verified users are the top level of its customer acquisition funnel. The goal is to convert them into monthly transacting users (MTU).
  • Monthly Transacting Users (MTU): A user who transacts on the Coinbase platform at least once during a rolling 28-day period.

Assets on platform (retail vs. institutional)

  • Assets on Platform: The total value of both fiat currency (U.S. Dollars) and crypto-assets held or managed in digital wallets on the Coinbase platform, including their custody services (cold storage).

Assets on platform breakdown (% of total)

Trading volume (retail vs. institutional)

  • Trading volume: The total dollar value transacted on Coinbase's platform during the period of measurement.

Trading volume breakdown (% of total)

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