CoinBase Q4 Earnings Results: The Crypto Market Is Stabilizing?

Coinbase’s latest earnings report makes one thing clear: big money is moving into crypto. Institutional investors dominated trading on the platform in Q4 2024, with volumes hitting $180 billion, nearly 80% of all trades. Meanwhile, retail traders accounted for just $105 billion, a noticeable shift from previous years when everyday investors drove much of the market action.

A big part of this shift comes from the launching spot Bitcoin ETFs, which have made it easier for hedge funds and asset managers to invest in crypto. With clearer regulations in the U.S., traditional finance players are finally diving in, treating digital assets as serious investments. Coinbase has benefitted from the trend, acting as the go-to exchange for institutional players.

At the same time, the company is moving away from relying just on trading fees. Its subscription and services revenue, things like staking, custody, and blockchain infrastructure, grew 15% in Q4, reaching $641 million. This helps Coinbase stay profitable even when trading activity slows down.

Retail trading isn’t dead, but it’s not as wild as before. Bitcoin’s price jump past $50K in early 2025 brought some action, but meme coin mania and speculative trading have cooled off. While $105 billion in retail volume is still a big number, it’s nowhere near past bull run levels.

Overall, Coinbase’s report shows that crypto is maturing. Institutions are bringing more stability, regulations are clearing up uncertainty, and exchanges are evolving into full-scale financial platforms.