Coinbase remains one of the most influential players in the cryptocurrency exchange landscape, especially for users based in the United States. As digital asset adoption evolves, tracking key metrics such as monthly active users, revenue trends, and platform valuation offers valuable insights into market sentiment and business performance. This comprehensive overview presents the latest verified data on Coinbase's user base, financials, and operational statistics—updated through Q4 2023 with projections for 2024.
Whether you're an investor, trader, or crypto enthusiast, understanding these core metrics helps assess the platform’s health, growth trajectory, and competitive positioning in a volatile market.
Coinbase Platform Overview
Coinbase is a leading digital asset exchange platform that enables users to buy, sell, trade, and store a wide range of cryptocurrencies. Initially focused on Bitcoin, it has expanded to support major digital currencies including Ethereum, Solana, Dogecoin, and many others.
The company went public in April 2021 via a direct listing on Nasdaq under the ticker COIN, marking a pivotal moment for mainstream crypto adoption. While its user base is heavily concentrated in the U.S., global alternatives like Binance and Kraken remain strong competitors in other regions.
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Verified Users: Growth Trends (2014–2024)
As of Q3 2023, Coinbase reported 98 million verified users, up from 89 million at the end of 2021. A "verified user" is defined as someone who has completed email and phone number verification during registration.
Although the company hasn't released full-year 2023 verified user figures, industry analysts project that Coinbase will surpass 100 million verified users in 2024, driven by renewed interest in crypto following regulatory clarity and macroeconomic shifts.
Annual Verified User Growth
- 2014: 1 million
- 2019: 32 million
- 2020: 43 million
- 2021: 89 million
- 2022: 110 million
- 2023: Not disclosed (estimated ~105–108 million)
The most dramatic growth occurred between 2020 and 2021, fueled by the bull run in Bitcoin and increased retail participation during the pandemic era. However, user growth slowed in 2023 amid a bear market and reduced trading volumes.
Quarterly Verified User Milestones
| Quarter | Verified Users |
|---|---|
| Q1 2018 | 23 million |
| Q4 2018 | 26 million |
| Q4 2019 | 32 million |
| Q4 2020 | 43 million |
| Q4 2021 | 89 million |
| Q4 2022 | 110 million |
Note: Coinbase ceased disclosing real-time quarterly verified user counts after early 2023.
Monthly Transacting Users (MTUs): Active Engagement Metrics
While verified users reflect sign-ups, Monthly Transacting Users (MTUs) provide a clearer picture of actual platform engagement. MTUs refer to users who complete at least one transaction—buying, selling, or trading—within a rolling 28-day period.
Quarterly MTU Trends (Q1 2018 – Q4 2023)
| Quarter | MTUs |
|---|---|
| Q1 2018 | 2.7M |
| Q4 2018 | 900K |
| Q4 2019 | 1.0M |
| Q4 2020 | 2.8M |
| Q4 2021 | 11.4M |
| Q4 2022 | 8.3M |
| Q4 2023 | 7.0M |
In 2021, MTUs peaked at 11.4 million in Q4, reflecting high market enthusiasm. By contrast, average MTUs dropped to 7 million in 2023—a decline linked to lower crypto volatility and reduced speculative activity.
Annual Average MTUs (2018–2023)
- 2018: 700K
- 2019: 1.1M
- 2020: 2.8M
- 2021: 11.2M
- 2022: 8.3M
- 2023: 7.0M
This trend highlights the cyclical nature of crypto trading behavior, closely tied to market cycles.
Revenue and Profitability Performance
Coinbase generates nearly all its revenue from transaction fees associated with trades on its platform. Additional income streams include subscription services (e.g., Coinbase One), staking rewards, and institutional services.
Annual Revenue (2017–2023)
| Year | Revenue |
|---|---|
| 2017 | $927M |
| 2018 | $520M |
| 2019 | $483M |
| 2020 | $1.28B |
| 2021 | $7.84B |
| 2022 | $3.2B |
| 2023 | $3.1B |
Despite a significant drop from its record $7.84 billion in 2021, revenue stabilized around **$3.1–3.2 billion** in recent years, indicating resilience even during bear markets.
Net Profit/Loss (Annual)
| Year | Net Income |
|---|---|
| 2017 | +$380M |
| 2018 | -$55M |
| 2019 | -$30M |
| 2020 | +$322M |
| 2021 | +$771M |
| 2022 | -$676M* |
| 2023 | +$95M |
Note: The net loss in 2023 was reversed due to a strong Q4 performance, where Coinbase posted a profit of $676 million—driven by cost-cutting measures and rising institutional demand.
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Trading Volume and Asset Composition
Total trading volume reflects market activity and investor confidence.
- Q4 2023 Trading Volume: $468 billion
- Full-Year 2023 Volume: ~$1.7 trillion (estimated)
- Comparison: Down from $830 billion in full-year 2022 and $1.67 trillion in 2021
Bitcoin dominates trading volume at 34%, followed by Ethereum at 20%. The rest is distributed among altcoins like Solana, XRP, and stablecoins such as USDC.
Market Valuation Trends
Coinbase's market capitalization has fluctuated significantly due to crypto market swings and investor sentiment.
Historical Valuation (Market Cap)
| Year | Valuation |
|---|---|
| 2017 | $1.6B |
| 2018 | $8B |
| 2020 | $28B |
| 2021 | $65B |
| 2022 | $75B |
| End of 2023 | $55B (approx.) |
After hitting a high of $75 billion in early 2023, valuation dipped but recovered partially by year-end. As of early 2025, Coinbase trades above $65 billion again—signaling renewed investor confidence.
Assets Under Management (AUM)
As of early 2025, Coinbase holds approximately $114 billion in digital assets across retail and institutional clients. The majority consists of Bitcoin and Ethereum, reinforcing their status as foundational holdings in crypto portfolios.
Frequently Asked Questions (FAQs)
What is the difference between verified users and monthly transacting users?
Verified users are individuals who have signed up and completed identity verification on Coinbase. Monthly transacting users (MTUs) are those who perform at least one trade within a 28-day window. Not all verified users actively trade.
How many active users does Coinbase have in 2025?
As of Q4 2023, Coinbase had an average of 7 million monthly transacting users. While exact figures for early 5 are pending official reports, estimates suggest a rebound toward 8–9 million MTUs due to increased market activity.
Is Coinbase profitable?
Yes. After reporting losses in the first three quarters of fiscal year , Coinbase returned to profitability in Q with a net gain of million. Full-year showed a net profit of million.
Who are Coinbase’s main competitors?
Major competitors include Binance, Kraken, eToro, and Robinhood. Each offers varying features in terms of fees, security, user interface, and regulatory compliance.
Does Coinbase support staking?
Yes. Coinbase supports staking for several cryptocurrencies including Ethereum, Solana, and Tezos, allowing users to earn passive income on their holdings.
Is Coinbase safe to use?
Coinbase implements robust security protocols including two-factor authentication ( ), cold storage for assets, and insurance coverage for custodial funds—making it one of the safer options for storing and trading crypto.
Final Thoughts: Outlook for Coinbase in
Coinbase continues to be a bellwether for the broader cryptocurrency industry. Despite challenges posed by market downturns and regulatory scrutiny, its ability to adapt—through cost optimization, product innovation, and expanding service offerings—positions it strongly for long-term growth.
With over million verified users and sustained revenue streams, Coinbase remains central to the digital asset ecosystem. As we move further into , watch for developments in spot Bitcoin ETF approvals, global expansion efforts, and new DeFi integrations that could further boost user engagement.
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