Coinbase
Coinbase Global, Inc. is an American publicly traded company operating a cryptocurrency exchange platform that enables users to buy, sell, trade, store, stake, and spend digital assets such as Bitcoin and Ethereum.[1] Founded in June 2012 by Brian Armstrong and Fred Ehrsam, the company has expanded to serve customers in over 100 countries, managing $425 billion in assets and facilitating $237 billion in quarterly trading volume as of its latest reports.[2] With a remote-first workforce of more than 4,200 employees, Coinbase emphasizes secure infrastructure combining blockchain technology with traditional finance to power the cryptoeconomy.[2][3] The platform achieved a major milestone with its direct listing on the NASDAQ under the ticker COIN on April 14, 2021, becoming one of the first major cryptocurrency exchanges to go public and valuing the company at tens of billions of dollars at debut.[4] Coinbase's growth has been driven by user-friendly interfaces for retail investors and institutional services like custody and prime brokerage, positioning it as a key gateway for mainstream adoption of cryptocurrencies amid volatile market cycles.[5] However, the company has encountered significant regulatory challenges, including a 2023 lawsuit from the U.S. Securities and Exchange Commission accusing it of operating as an unregistered securities exchange and offering unregistered securities through certain crypto assets and staking programs, claims Coinbase has vigorously defended in court as inconsistent with the innovative, decentralized nature of digital assets. These disputes highlight ongoing tensions between cryptocurrency platforms and traditional financial regulators over classification, oversight, and innovation in the sector.[6]History
Founding and Early Expansion (2012–2019)
Coinbase was founded in June 2012 by Brian Armstrong, a former software engineer at Airbnb, and Fred Ehrsam, a former equity and derivatives trader at Goldman Sachs.[7][8] The company initially operated as a Bitcoin wallet and brokerage service, enabling users to buy and sell the cryptocurrency using bank transfers, at a time when Bitcoin traded for approximately $6 per unit and was primarily known within niche online communities.[9] Services officially launched in October 2012, focusing on simplifying access for non-technical users amid Bitcoin's nascent ecosystem.[10] The startup joined Y Combinator's Summer 2012 accelerator batch, benefiting from the program's mentorship and investor network to refine its product-market fit.[11] Early growth included strategies like offering free Bitcoin fractions to new users via referrals, which helped bootstrap adoption. In May 2013, Coinbase secured a $5 million Series A funding round led by Union Square Ventures, marking the largest investment in a cryptocurrency firm at that point.[12] This was followed by a $25 million Series B round later in 2013, supporting operational scaling and compliance efforts.[13] By 2014, Coinbase transitioned toward a full exchange model while prioritizing regulatory compliance, including obtaining money transmitter licenses in multiple U.S. states. International expansion began that September, extending services to 14 countries, primarily in Europe, to capture growing global interest in Bitcoin.[14] In January 2015, a $75 million Series C round valued the company at around $400 million, funding further infrastructure and security enhancements. Through the mid-2010s, Coinbase broadened its offerings beyond Bitcoin, adding support for Ethereum in 2016 amid the rise of smart contracts and initial coin offerings.[15] The 2017 cryptocurrency bull market drove rapid user acquisition, with the platform handling increased trading volumes and listing additional assets like Litecoin and Bitcoin Cash. By 2018, amid market volatility, Coinbase raised additional funds and launched institutional custody services, culminating in a reported private valuation of $8 billion.[16] Approaching 2019, the exchange had amassed millions of verified users and positioned itself as a compliant gateway for mainstream cryptocurrency adoption, though it faced challenges from hacking incidents and regulatory scrutiny that tested its risk management.Growth, Remote Work, and Public Listing (2020–2021)
In 2020 and early 2021, Coinbase experienced explosive growth amid surging cryptocurrency prices, particularly Bitcoin's rally past $60,000 in April 2021, which drove heightened retail and institutional adoption. Monthly transacting users increased from 2.8 million in 2020 to 8.8 million in 2021, reflecting a tripling of active engagement.[17] Verified users expanded from 43 million at the end of Q4 2020 to 89 million by the end of 2021.[18] Net revenue jumped from over $1 billion in 2020 to $7.4 billion in 2021, fueled by elevated trading volumes and transaction fees during the bull market.[19][20] On May 20, 2020, CEO Brian Armstrong announced that Coinbase would transition to a "remote-first" model following the onset of the COVID-19 pandemic, enabling most employees to work remotely indefinitely while preserving optional office access for those preferring in-person collaboration.[21] This policy aimed to broaden talent recruitment beyond traditional hubs like San Francisco, prioritizing mission alignment over physical proximity, and positioned the company to hire globally without geographic constraints.[22] By emphasizing flexibility, Coinbase sought to mitigate pandemic disruptions while fostering productivity through virtual tools, a shift that aligned with broader tech industry trends toward distributed workforces.[23] Coinbase achieved a major milestone with its public debut via direct listing on the Nasdaq under the ticker COIN on April 14, 2021, bypassing traditional underwriters to allow existing shares to trade immediately.[24] The reference price was set at $250 per share, but trading opened at $381, peaked at $429.54 intraday—implying a valuation exceeding $100 billion briefly—before closing at $328.28, for a fully diluted market cap of about $85.8 billion.[25][26] This listing marked the largest direct public offering by a U.S. cryptocurrency firm to date, underscoring mainstream validation of the sector amid regulatory scrutiny and market volatility.[27]Regulatory Battles and Market Downturn (2022–2024)
In 2022, the cryptocurrency market experienced a sharp downturn, with total capitalization falling from $2.9 trillion in November 2021 to $798 billion by year-end, driven by macroeconomic pressures such as rising interest rates, persistent inflation, and sector-specific failures including the Terra-Luna ecosystem collapse in May and FTX's bankruptcy in November.[28][29] This "crypto winter" severely impacted Coinbase, whose transaction revenues declined 66% year-over-year due to a 64% drop in underlying crypto asset prices and a 50% reduction in trading volumes, as the platform derived over 90% of its income from fees tied to market activity.[30] Coinbase's publicly traded shares (COIN) lost approximately 75% of their value in 2022, reflecting broader investor flight from high-risk digital assets amid recession fears.[31] To address the revenue contraction and overstaffing from prior growth, Coinbase executed multiple workforce reductions. On June 14, 2022, CEO Brian Armstrong announced an 18% cut, eliminating about 1,100 positions across all departments to align costs with the subdued trading environment and ensure long-term sustainability.[32] A second wave followed on January 10, 2023, trimming another 20% or roughly 950 roles as part of restructuring, with Armstrong citing prolonged market weakness, potential economic recession, and the need to prioritize efficiency over expansion.[33][34] These measures reduced operating expenses but highlighted Coinbase's vulnerability to crypto price cycles, as verified user activity also fell 20% in early 2023 compared to prior periods.[35] Regulatory pressures compounded Coinbase's challenges, with the U.S. Securities and Exchange Commission (SEC) adopting an aggressive enforcement stance post-FTX. In July 2022, Coinbase petitioned the SEC under the Administrative Procedure Act for tailored rulemaking on digital assets, seeking clarity on whether and how federal securities laws apply to cryptocurrencies, amid arguments that existing frameworks were ill-suited to decentralized technologies. Despite over 30 engagement meetings with SEC staff from 2022 to 2023, the agency denied the petition and pursued litigation. On June 6, 2023, the SEC sued Coinbase in the Southern District of New York, claiming the firm operated an unregistered national securities exchange, broker-dealer, and clearing agency; offered at least 13 unregistered crypto securities via its platform; and unlawfully sold staking-as-a-service as an unregistered security investment contract.[36] Coinbase contested the suit, filing a motion to dismiss in August 2023 on grounds including lack of fair notice, due process violations from the SEC's "regulation by enforcement," and the non-security status of most listed assets under the Howey test, while arguing staking rewards resemble interest on deposits rather than investment contracts. In March 2024, Judge Katherine Polk Failla denied dismissal of the core exchange, broker, and staking claims, finding the SEC's allegations—that Coinbase facilitated unregistered securities trading and profited from investor access—plausibly stated violations under federal law, though she dismissed ancillary claims like false SEC filings.[37] An April 2024 ruling further rejected Coinbase's procedural challenges, enabling discovery and trial preparation to proceed, as the court deemed the SEC's non-rulemaking stance neither arbitrary nor capricious at that stage.[38] Coinbase appealed interlocutory aspects, criticizing the SEC's approach for stifling innovation without legislative backing, while the case underscored ongoing jurisdictional tensions between the SEC and emerging Commodity Futures Trading Commission oversight for non-security tokens.[39]Resolution of SEC Case and Strategic Acquisitions (2025–present)
In February 2025, the U.S. Securities and Exchange Commission (SEC) agreed to dismiss its 2023 civil enforcement action against Coinbase Global, Inc. and Coinbase, Inc., which had alleged that the company operated as an unregistered securities exchange, broker, and clearing agency, and offered unregistered securities through its staking program.[40] The dismissal, filed jointly with prejudice on February 27, 2025, followed a January 13, 2025, appellate court ruling that partially remanded aspects of the case for further SEC explanation but declined to vacate the agency's denial of Coinbase's rulemaking petition.[41][40] This resolution marked a significant regulatory victory for Coinbase, ending a protracted legal battle amid shifting enforcement priorities at the SEC.[42] Following the case's closure, Coinbase accelerated strategic acquisitions to bolster its derivatives trading, DeFi options, and onchain capital formation capabilities. In early 2025, the company acquired Deribit, a leading cryptocurrency derivatives exchange, for $2.9 billion, enhancing its institutional offerings in futures and options markets. Later, in July 2025, Coinbase purchased Opyn, a decentralized finance (DeFi) options trading platform, to integrate advanced hedging tools into its ecosystem.[43] Most notably, on October 20, 2025, Coinbase announced the acquisition of Echo, an onchain capital raising platform, for approximately $375 million, aiming to facilitate tokenized private investments and streamline digital asset fundraising.[44][45] These moves, representing at least eight deals in 2025, positioned Coinbase to capture growth in tokenized assets and derivatives amid recovering market conditions.[46]Products and Services
Core Trading and Exchange Platform
Coinbase's core trading and exchange platform serves as the primary interface for users to buy, sell, and trade cryptocurrencies using fiat currencies such as USD and EUR. Established since the company's inception in 2012, it facilitates spot trading of digital assets against stablecoins like USDC and traditional currencies, emphasizing user accessibility and regulatory compliance. The platform processes millions of transactions daily, with deep liquidity pools ensuring efficient order matching.[47][48] The exchange offers distinct trading modes to accommodate varying user expertise. The Simple Trade interface targets beginners, enabling quick purchases and sales via a streamlined process that includes automatic conversions and spreads of approximately 0.5% embedded in pricing. In contrast, Advanced Trade—introduced as a replacement for Coinbase Pro in late 2022—provides professional-grade tools, including limit, market, stop-limit, and bracket orders, alongside TradingView-powered charts, real-time order books, and API integration for algorithmic trading. Advanced Trade supports over 550 spot pairs, encompassing 237 USDC-denominated pairs and 22 stablecoin pairs, allowing for precise execution in volatile markets.[49][50][51] As of 2025, the platform lists more than 250 cryptocurrencies, supporting around 400 active trading pairs across major assets like Bitcoin, Ethereum, and Solana, as well as emerging tokens compliant with Coinbase's listing standards. Trading occurs on centralized order books that prioritize price-time priority, with institutional-grade liquidity sourced from market makers and on-chain settlements for select pairs. Users can deposit fiat via bank transfers, ACH, or wires, with withdrawals similarly processed, though cryptocurrency transfers leverage blockchain networks for near-instant settlement where supported.[52][53] Fees on Advanced Trade follow a tiered maker-taker model based on 30-day trailing USD-equivalent volume, ranging from 0.00% to 0.40% for makers (with rebates at higher tiers) and 0.05% to 0.60% for takers; volumes under $10,000 incur 0.40% maker and 0.60% taker fees. Simple Trade fees combine a variable spread with flat rates up to 1.49% for low-volume users, potentially higher for card payments. No custody fees apply for trading balances, though network fees cover blockchain transactions. Coinbase One subscribers, for a monthly fee, access zero-fee trades on select pairs, reducing costs for active traders.[54][55][56] Security underpins the platform's operations, with over 98% of assets held in cold storage, multi-signature wallets for withdrawals, and end-to-end encryption for data transmission. All accounts require two-factor authentication, with biometric options on mobile apps, and USD holdings are FDIC-insured up to $250,000 per user via banking partners. The exchange has maintained a clean record of no major hacks since inception, bolstered by regular third-party audits and insurance coverage exceeding $320 million for hot wallet assets.[57][58][59]Wallet, Custody, and Staking Features
Coinbase Wallet is a non-custodial mobile application that enables users to maintain self-custody of their digital assets, meaning private keys are controlled solely by the user rather than the platform.[60] Launched initially as Toshi in 2017 with a focus on the Ethereum ecosystem before rebranding, it supports major blockchains including Bitcoin, Ethereum, Solana, and Dogecoin, along with millions of ERC-20 tokens.[61] Key functionalities include seamless integration with decentralized applications (dApps) for DeFi protocols, gaming, and collectibles; minting and management of non-fungible tokens (NFTs); token swaps; and purchasing cryptocurrency in over 120 countries.[60] Security features encompass passkey-based backups and smart wallet options that allow sponsored transaction fees to reduce user costs, with recent enhancements as of 2025 integrating it into the Base App ecosystem for earning USDC rewards and onchain chatting.[60] In June 2024, Coinbase introduced smart wallets within the platform, supporting eight networks at launch to simplify onboarding for new users while maintaining self-custody.[62] In contrast, Coinbase Custody, operated through the Coinbase Custody Trust Company, provides institutional-grade custodial services primarily for fintech firms, decentralized applications, liquidity staking token providers, and other enterprise clients, holding assets on their behalf with platform-managed private keys.[63] Regulated as a fiduciary under New York state banking law and licensed by the New York State Department of Financial Services for virtual currency business, it qualifies as a Qualified Custodian and supports over 420 digital assets.[63] Security protocols include cold storage, physical safeguards, consensus-based computation for key management, and regular audits such as SOC 1 Type II and SOC 2 Type II conducted by Deloitte & Touche, with customizable controls and options for governance voting on staked assets.[63] As of June 30, 2025, assets under custody reached $245.7 billion, reflecting its scale in serving institutional needs distinct from retail self-custody offerings.[64] In October 2025, Coinbase applied for a national trust charter from the Office of the Comptroller of the Currency to further enhance oversight and innovation in custody operations.[65] Coinbase's staking services allow users to delegate proof-of-stake (PoS) assets to the platform's validators, earning rewards distributed periodically while the firm handles node operations and earns a commission fee.[66] Supported cryptocurrencies include Ethereum, Solana, Cosmos (ATOM), Aptos (APT), Celestia (TIA), and Aleo (ALEO), with additional assets in development; staking is available across retail and institutional products, including via the Wallet app.[66] Validators operate on multi-region, multi-cloud infrastructure achieving 99% uptime and zero slashing incidents to date, backed by SOC 2 Type 1 audits and 24/7 monitoring, though users bear risks such as potential slashing penalties and no guaranteed returns.[66] Following the U.S. Securities and Exchange Commission's dismissal of its enforcement action against Coinbase's staking-as-a-service in April 2025—after initial challenges classifying staking rewards as unregistered securities—services expanded, including activation for New York residents on October 8, 2025, with reported yields up to 16% APY on select assets like Ethereum and Solana.[67][68][69] Staking for custody-held assets, such as Avalanche, Ethereum, and Solana, is jurisdiction-dependent and integrates with governance participation options.[63]Base Layer-2 Network and Ecosystem
Base is an Ethereum Layer-2 (L2) network developed by Coinbase, designed to enable secure, low-cost, and developer-friendly on-chain applications while inheriting the security of Ethereum's base layer. It launched its testnet on February 23, 2023, and entered mainnet beta on July 13, 2023. Built using the open-source OP Stack from Optimism under an MIT license, Base employs optimistic rollups for transaction batching and fraud-proof mechanisms, allowing it to process transactions at lower fees—often under $0.01—compared to Ethereum mainnet. Coinbase joined Optimism as the second core development team, contributing to protocol upgrades and sequencing infrastructure managed by Coinbase for low-latency performance.[70][71][72] The network integrates directly with Coinbase's ecosystem, including its wallet and exchange, to simplify user onboarding via features like seamless bridging of assets from Ethereum and one-click interactions for retail users. Base prioritizes decentralization through public node access, open-source code, and plans for sequencer decentralization to mitigate centralization risks associated with Coinbase's initial control over transaction ordering. Developers benefit from tools like OnchainKit, a full-stack library for intuitive smart contract interactions, and compatibility with Ethereum Virtual Machine (EVM) standards, enabling easy porting of dApps. It supports token standards such as ERC-20 for fungible tokens, ERC-721 for NFTs, and ERC-1155 for multi-token use cases.[70][73][74] Base's ecosystem has exhibited rapid growth, positioning it as one of the leading Ethereum L2s by adoption metrics. As of September 2025, it holds approximately $5 billion in total value locked (TVL), reflecting a surge from $347 million in late 2023, driven by low gas fees and Coinbase's user base of over 100 million. The network hosts more than 617 DeFi protocols, alongside applications in social finance, gaming, and NFTs, with daily transaction volumes exceeding those of many competitors. Notable integrations include support for Mini Apps—lightweight, discoverable on-chain experiences embedded in social feeds—and Base Accounts for simplified wallet management without seed phrases. Ecosystem initiatives like developer grants and "Onchain Summer" hackathons have fostered over 1,000 dApps, including early movers like friend.tech for social tokens.[75][76][77] This expansion underscores Base's focus on scalability for mass adoption, with sequencer revenue sharing proposed to align incentives among validators and users, though critics note potential risks from Coinbase's dominant role in early operations. By June 2025, Base ranked among the top L2s by market cap of ecosystem tokens and active addresses, benefiting from Ethereum's Dencun upgrade for further cost reductions via blobs. Ongoing developments include AI-assisted tooling for builders and enhanced interoperability with other OP Stack chains.[78][71][79]Institutional and Advanced Offerings
Coinbase Institutional provides specialized products and services tailored for large-scale investors, including hedge funds, asset managers, and corporations, emphasizing secure custody, advanced trading execution, and integrated financing. Central to these offerings is Coinbase Prime, a prime brokerage platform launched in 2021 that combines custody, trading, and lending functionalities into a single interface, enabling seamless asset management at scale.[80][81] As of January 2025, Coinbase Institutional serves as custodian for 9 of 11 spot Bitcoin exchange-traded funds (ETFs) and 8 of 9 Ethereum ETFs, underscoring its role in facilitating regulated institutional exposure to digital assets.[82] Custody services under Coinbase Prime feature segregated cold storage, institutional-grade security protocols, and support for staking and governance participation, with over 12 years of operational history in safeguarding assets for banks and asset managers.[83][84] Institutions can access staking directly through Prime, where assets are committed to validators to earn protocol rewards without additional exposure, integrating this with trading and financing for capital efficiency.[85][86] Advanced trading capabilities include access to deep liquidity via a smart order router connecting multiple exchanges, over-the-counter (OTC) desks, and support for spot pairs, perpetual futures, and derivatives with low fees—such as 0% maker and 0.03% taker for certain perpetuals.[87][88] In May 2025, Coinbase expanded futures offerings with extended trading hours, additional contracts, and U.S.-accessible perpetual-style BTC and ETH futures, targeting institutional demand for leveraged exposure.[89] Financing options, including lending against collateral, further enable borrowing and margin trading, while APIs and market data tools support algorithmic strategies and backtesting.[49][90] Additional institutional tools encompass Crypto-as-a-Service (CaaS) for embedding crypto functionalities like brokerage or stablecoin payments into third-party platforms, and research insights on products such as Bitcoin investment vehicles, aiding decisions on efficiency, costs, and tradeoffs as of May 2025.[91][92] These offerings position Coinbase to capture growing corporate treasury allocations to digital assets, with integrations like USDC collateral for futures enhancing settlement and yield opportunities.[93][94]Operations and Financials
Organizational Structure and Global Reach
Coinbase Global, Inc. functions as the parent holding company, overseeing a network of subsidiaries that handle specialized operations, including Coinbase, Inc. for U.S.-based exchange activities, CB Payments, Ltd. in the United Kingdom for payment processing, Coinbase Canada, Inc. for Canadian services, and Coinbase Custody International Limited for international custody.[95] [96] The leadership structure is headed by co-founder Brian Armstrong as Chief Executive Officer and Board member since the company's inception in May 2012, with key executives including Emilie Choi as President and Chief Operating Officer, Alesia Haas as Chief Financial Officer, L.J. Brock as Chief People Officer, and Paul Grewal as Chief Legal Officer.[97] [98] This flat, function-based hierarchy emphasizes agility in a volatile industry, supported by a remote-first model where approximately 95% of employees have the option to work from home full-time, eschewing a single headquarters in favor of distributed teams.[99] In 2025, the company adjusted this policy by mandating in-person U.S.-based orientation for new hires and restricting sensitive system access to verified locations to mitigate cyber threats from state actors like North Korea.[100] [101] Coinbase's global reach spans over 100 countries, serving 245,000 ecosystem partners including institutions, governments, and payment firms through localized entities and compliance frameworks.[2] [102] International expansion relies on regulated subsidiaries such as Coinbase Europe Limited, registered as a Virtual Asset Service Provider with Ireland's Central Bank, and Coinbase Bermuda Limited for certain derivatives trading in eligible jurisdictions.[103] [104] The company maintains operational hubs in key regions, including the United States (San Francisco and New York), United Kingdom (London), Ireland (Dublin), Singapore, Canada, India, and Japan (Tokyo), totaling nine offices across seven countries as of late 2025.[105] [106] The United Kingdom represents its largest international market, with ongoing efforts to scale in Europe under MiCA regulations and pursue institutional adoption in Asia and beyond.[107] This structure enables Coinbase to navigate diverse regulatory environments while prioritizing custody, trading, and infrastructure services tailored to regional needs.[108]Revenue Model and Key Metrics
Coinbase derives the majority of its revenue from transaction fees charged on cryptocurrency trades executed on its platform, which are typically a percentage of the trade value—ranging from 0.05% to 0.60% for makers and takers, depending on user volume tiers and asset type. These fees are split between consumer and institutional trading, with consumer fees often higher due to fixed minimums for smaller trades. During periods of elevated cryptocurrency market volatility, transaction revenue can account for over 80% of total revenue, as seen in historical bull markets.[109][110] To mitigate dependence on volatile trading volumes, Coinbase has diversified into subscription and services revenue, which includes a share of staking rewards distributed to users (retaining 25% commission), custody fees for institutional asset storage, interest income from customer cash balances and USDC stablecoin reserves (via partnerships like Circle), and fees from advanced products such as Coinbase Prime brokerage and analytics tools. This segment grew 9% year-over-year in Q1 2025 and provides higher margins with lower correlation to spot market fluctuations, comprising about 40% of net revenue in recent quarters. Blockchain infrastructure fees from the Base layer-2 network and other developer services further contribute, though they remain a smaller portion.[111][112] Key operational metrics underscore Coinbase's scale: as of September 2025, the platform reported 8.7 million monthly transacting users (MTUs), reflecting active engagement primarily in retail trading. Quarterly trading volume averaged $425 billion across consumer and institutional segments, with Q2 2025 specifically recording $237 billion in total platform volume—a figure driven by spot and derivatives activity but down from peaks in prior cycles due to broader market conditions. Assets held on the platform exceeded $300 billion in Q1 2025, supporting custody and interest-based revenues. For Q2 2025, total revenue totaled $1.5 billion, yielding $1.4 billion in reported net income (including non-operating gains from strategic investments), though adjusted operational profitability was more modest at around $33 million after excluding accounting artifacts like unrealized crypto holdings.[113][114][111][115]| Metric | Q2 2025 Value | Year-over-Year Change |
|---|---|---|
| Total Revenue | $1.5 billion | +3% |
| Trading Volume | $237 billion | N/A (quarter-specific) |
| Monthly Transacting Users | ~8.7 million (trailing) | Stable |
| Subscription & Services Revenue | ~$600 million (est. 40% of total) | +9% (Q1 trend) |
Financial Performance and Milestones
Coinbase Global, Inc. achieved a significant milestone with its direct listing on the Nasdaq on April 14, 2021, under the ticker COIN, marking the first major initial public offering for a cryptocurrency exchange and yielding an initial fully diluted market capitalization of approximately $86 billion, with shares closing at $328.28 after opening at $381.[116][117] The listing followed robust pre-IPO growth, including $1.3 billion in revenue for 2020, a 139% year-over-year increase driven primarily by trading volume surges amid cryptocurrency market expansion, alongside $317 million in adjusted EBITDA.[117][118] Financial performance has since exhibited high volatility correlated with cryptocurrency market cycles, with revenue predominantly derived from transaction fees that amplify during bull markets. In 2023, annual revenue reached $3.11 billion amid partial recovery from the 2022 downturn, escalating to $6.6 billion in 2024, reflecting a 113% year-over-year gain fueled by renewed trading activity and diversification into stablecoin interest and institutional services.[113] For the trailing twelve months ending June 30, 2025, revenue totaled $7.008 billion, up 48.63% year-over-year, though quarterly figures showed variability; Q1 2025 revenue was $2.03 billion (24% year-over-year growth), while Q2 2025 came in at $1.5 billion, below analyst expectations of $1.59 billion despite $1.4 billion in net income bolstered by a $1.2 billion one-off gain.[119][120][121] Key profitability milestones include transitioning to positive adjusted EBITDA in 2020 and sustaining net profitability in bull phases, with Q2 2025 adjusted EBITDA at $512 million.[117][122] Stock performance mirrored these trends, peaking at a closing price of $419.78 on July 18, 2025—the all-time high—following a 48% year-to-date gain from January 2025 levels around $248, though shares remained subject to crypto price fluctuations and regulatory uncertainties.[123][124]| Year | Annual Revenue (USD Billion) | Year-over-Year Growth |
|---|---|---|
| 2020 | 1.3 | 139% |
| 2023 | 3.11 | N/A (post-2022 low) |
| 2024 | 6.6 | 113% |