Crypto exchange Coinbase reported fourth-quarter revenue of $2.5 billion versus analyst estimates of $2.0 billion, while adjusted earnings per share came in at $3.32, versus estimates of $1.94, according to FactSet.
The company also reported net income doubled to $840 million in the Q4 compared with Q3. The number of monthly transacting users (MTUs) increased up to 11.4 million in Q4 versus 7.4 million MTUs in Q3.
“Amid this extraordinary pace of development, Coinbase had a strong year as well. 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,” Coinbase said in its shareholder letter.
“As part of our strategy to serve as the primary crypto account and give our customers the greatest amount of choice, we want to list all legal assets. Over the course of 2021, we accelerated our asset listing efforts. In Q4, we added custody and trading support for 14 and 36 assets, respectively. We ended 2021 with support for 172 assets for custody and 139 assets for trading,” the company added. “Looking ahead, we will continue to invest in our asset review process, including expanding our team, improving automation and tooling, and emphasizing our rigorous process where we evaluate security, legality, and compliance.”