Coinbase remains one of the most influential players in the cryptocurrency exchange landscape. As digital asset adoption continues to evolve, investors, traders, and analysts closely monitor key metrics such as monthly active users, revenue trends, trading volume, and market valuation. This comprehensive analysis dives into the latest verified data for 2024, offering an accurate, up-to-date look at Coinbase’s performance, user base, financial health, and competitive position.
Whether you're evaluating investment potential or researching platform activity, this guide delivers actionable insights drawn from official filings and industry reports.
What Is Coinbase?
Coinbase is a leading U.S.-based cryptocurrency exchange that enables users to buy, sell, trade, and store digital assets securely. Founded in 2012, it has grown into one of the most trusted platforms for both retail and institutional investors. The platform supports a wide range of cryptocurrencies—including Bitcoin (BTC), Ethereum (ETH), and numerous altcoins—making it a go-to destination for crypto enthusiasts.
In April 2021, Coinbase made history by going public via a direct listing on the NASDAQ under the ticker COIN, becoming one of the first major crypto-native companies to enter the traditional financial markets.
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Coinbase Verified Users: Growth Over Time
As of Q3 2023, Coinbase reported 98 million verified users, with expectations to surpass 100 million by early 2024. A "verified user" is defined as someone who has completed sign-up, email confirmation, and phone number verification.
This represents significant growth from previous years:
- 2021 (end of year): 89 million
- 2022 (Q4): 110 million
- 2023 (Q3): 98 million (note: slight decline due to market conditions)
The most dramatic surge occurred between 2020 and 2021, when user numbers jumped by 46 million—a direct result of heightened global interest in cryptocurrencies during the bull run.
Annual Verified User Statistics (2019–2023)
- 2019: 32 million
- 2020: 43 million
- 2021: 89 million
- 2022: 110 million
- 2023: Not publicly disclosed (estimated near 100 million)
While total registered users remain high, fluctuations reflect broader market sentiment and regulatory developments.
Monthly Transacting Users (MTUs): Measuring Active Engagement
A critical distinction lies between verified users and monthly transacting users (MTUs)—a metric Coinbase uses to gauge active participation. MTUs refer to accounts that execute at least one transaction every 28 days across trading, buying, or selling activities.
This figure provides a more realistic view of platform engagement than total sign-ups.
Quarterly MTU Trends (Q1 2018 – Q4 2023)
- Q1 2018: 2.7 million
- Q4 2020: 2.8 million
- Q4 2021: 11.4 million (peak)
- Q4 2022: 8.3 million
- Q4 2023: 7.0 million
Despite volatility, MTUs remain resilient compared to overall crypto market downturns.
Annual Average MTUs (2018–2023)
- 2018: 0.7 million
- 2019: 1.1 million
- 2020: 2.8 million
- 2021: 11.2 million
- 2022: 8.3 million
- 2023: 7.0 million
The drop from 11.2 million in 2021 to 7.0 million in 2023 reflects reduced trading frequency amid bearish market conditions.
Trading Volume and Revenue Performance
Trading volume and revenue are closely linked, with Coinbase deriving the majority of its income from transaction fees tied to crypto trades.
Total Trading Volume
- 2021: $1.67 trillion
- 2022: $830 billion
- 2023: $468 billion
The steep decline aligns with reduced market liquidity and investor caution following the crypto winter.
Annual Revenue Breakdown
- 2017: $927 million
- 2018: $520 million
- 2019: $483 million
- 2020: $1.28 billion
- 2021: $7.84 billion (all-time high)
- 2022: $3.2 billion
- 2023: $3.1 billion
Although down from its peak, revenue stabilized in 2023 despite lower volumes—indicating improved operational efficiency and diversified income streams.
Profitability and Financial Health
Coinbase’s profitability has fluctuated with market cycles:
Net Income/Loss by Year
- 2017: +$380 million
- 2018: -$55 million
- 2019: -$30 million
- 2020: +$322 million
- 2021: +$771 million (record profit)
- 2022: -$2.6 billion
- 2023: +$95 million
Notably, Coinbase returned to profitability in 2023 after heavy losses in 2021–2022, driven by cost-cutting measures and stronger margins in Q4 ($273 million profit).
Market Valuation Trends
Coinbase's market capitalization has been volatile, reflecting investor sentiment toward the broader crypto sector.
Historical Valuation (Market Cap)
- 2017: $1.6 billion
- 2018: $8 billion
- 2020: $28 billion
- 2021: $65 billion (post-IPO)
- Q1 2023: $75 billion
- End of 2023: ~$28 billion
While down from highs, the valuation remains strong given macroeconomic challenges.
Top Cryptocurrencies Traded on Coinbase
Bitcoin dominates trading activity:
- Bitcoin (BTC): 34% of total trade volume
- Ethereum (ETH): 20%
- Remaining 46% distributed among altcoins like Solana, Dogecoin, and stablecoins
This highlights continued dominance of established assets even amid growing interest in newer projects.
FAQ: Common Questions About Coinbase Statistics
How many users does Coinbase have in 2024?
Coinbase is expected to surpass 100 million verified users in early 2024. Of these, approximately 7 million are monthly transacting users actively trading on the platform.
What is the difference between verified users and MTUs?
Verified users are those who have completed registration and identity verification. Monthly transacting users (MTUs) are a subset who perform at least one trade within a rolling 28-day period—reflecting actual engagement.
Why did Coinbase’s revenue decrease in 2023?
Revenue declined due to lower crypto trading volumes caused by bear market conditions. However, improved cost management helped Coinbase return to profitability despite this drop.
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Is Coinbase profitable in 2024?
Yes. After posting losses in 2021 and 2022, Coinbase achieved a net profit of $95 million in 2023, signaling recovery and sustainable business operations.
Who are Coinbase’s main competitors?
Major competitors include Binance, Kraken, eToro, and PayPal’s crypto service. In the U.S., Robinhood also competes for retail investors, though Coinbase maintains an edge in security and compliance.
How much crypto does Coinbase manage?
As of 2024, Coinbase holds approximately $114 billion in digital assets under custody, with Bitcoin and Ethereum comprising the largest share.
Final Thoughts: Coinbase in the Evolving Crypto Landscape
Coinbase continues to be a benchmark for transparency and regulatory compliance in the cryptocurrency industry. Despite market volatility affecting user activity and revenue, its ability to return to profitability in 2023 underscores operational resilience.
With over 100 million users expected in 2024 and ongoing innovation in staking, lending, and Web3 services, Coinbase remains a central player shaping the future of digital finance.
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