United States-based publicly traded cryptocurrency exchange Coinbase reported higher-than-expected profits amid a 270% surge in transaction revenue.
According to a recent Coinbase revenue report, saw $1.56 billion worth of revenue from transaction fees in the last quarter of 2024, up from $572.5 million in Q3, 2024. This part of the exchange’s revenue tends to account for most of its income.
The crypto market enthusiasm that followed the election of pro-crypto Republican candidate Donald Trump as the United States president translated to a significant revenue bump for Coinbase. The platform’s total revenue also grew to $2.3 billion from the $954 reported a year earlier.
The details
With this latest data, Coinbase has achieved $4.68 worth of revenue per share with its $1.3 billion of Q3 profits. Coinbase Vice President of Investor Relations Anil Gupta recently told crypto news outlet Decrypt:
“You’ve got a pro-crypto federal government that’s moving quickly to deliver pro-crypto legislation. […] There’s going to be so many opportunities that get unlocked with this new regime.”
Coinbase CEO Brian Armstrong also recently recognized that the impact of the United States regulatory shift could extend way past the confines of the federation. He explained during a recent earnings call that “the rest of the world is taking notice and will be under pressure to embrace crypto adoption.”
The news follows Trump’s recent signing of an executive order to establish a specialist working group to develop digital asset regulation, with a broader aim of stockpiling crypto holdings. The order outlined:
“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership.”
All this came after Trump’s change of position on crypto, as he was previously an outspoken critic of the alternate digital currency. He has shifted from describing Bitcoin and other cryptocurrencies as “based on thin air” back in 2019, to his current status as a leader and champion for the industry.
