coindesk.com
Crypto exchange Coinbase (COIN) reported Q4 net revenue of $605 million, ahead of analyst estimates of $588 million, and up 5% from $590 million in the third quarter. But its transaction volume fell 12% quarter-over-quarter to $322 million on lower overall trading volume.
Shares of Coinbase were up about 0.9% to $62.60 in after-hours trading Tuesday. Alongside the rise in bitcoin prices, Coinbase shares have risen significantly in 2023 so far, up 78%, but they are still down 67% over the last 12 months.
Subscription and service revenues, an area of focus by the company, grew 34% quarter-over-quarter to $283 million in Q4.
In recent weeks, regulatory actions by the U.S. government – including the Securities and Exchange Commission’s (SEC) shutdown of Kraken’s staking service in the U.S. as well as the Commission’s plan to sue Paxos for allegedly selling BUSD as an unregistered security – have generated uncertainty for Coinbase, which has its own retail staking business as well as a stablecoin, USDC, that it is a co-founder of along with Circle.
Coinbase is scheduled to have a call with analysts at 5:30 p.m. ET on Tuesday.
This is a developing story and will be updated.