Coinbase earned $2.5 billion in net revenue during 2021’s fourth quarter
Crypto exchange Coinbase said it earned $2.5 billion in net revenue during Q4 of 2021 in a Thursday earnings release.
Among the other key metrics released: $840 million net income, $1.2 billion in adjusted EBITDA, and 11.4 million monthly transaction users or MTUs.
“In 2021, millions of new users joined the cryptoeconomy through Coinbase; we generated $7.4 billion in net revenue – including $2.5 billion in the fourth quarter; we became the first publicly traded crypto asset trading platform; and we made substantial progress in building a best-in-class infrastructure to enable easy, safe, and secure on-ramps and access into the global cryptoeconomy,” the firm said in its shareholder letter.
Of the $547 billion in reported volume, $177 billion came from retail and $371 billion came from institutional traders.
The details represent a jump from the 2021 third-quarte results. As The Block previously reported, Coinbase earned $1.31 billion in the third quarter, and brought in $234 billion in institutional and $93 million in retail trade volumes.
Assets on platform rose from $255 billion in Q3 to $278 billion in Q4, according to the report.
The figures come ahead of Coinbase officially launches its non-fungible token (NFT) marketplace, which the firm has teased but doesn’t seem to have an official launch date. Hundreds of thousands of users already signed up for Coinbase’s NFT marketplace, which is set to rival giants like OpenSea — which has been plagued with a lawsuit and scores of user complaints.
This report will continue to be updated.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: MK Manoylov
