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Coinbase Saw Its 2022 Total Trading Volumes and Transaction Revenues Declined 50% and 66% Y/Y Respectively

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United States-based cryptocurrency Coinbase relased its end-of-year shareholder letter today, revealing that it saw its 2022 total trading volumes and transaction revenues declined 50% and 66% Y/Y, respectively. 

Coinbase attributed its decline in performance to two high-profile collapses:

  • The first was the de-pegging of $LUNA in May 2022, which contributed to a ~60% crypto market cap decline in that quarter and ultimately led to the bankruptcies of Three Arrows Capital, Voyager, and Celsius;
  • The second was the collapse of FTX in November 2022, which helped drive additional credit related bankruptcies.
Source: https://s27.q4cdn.com/397450999/files/doc_financials/2022/q4/Shareholder-Letter-Q4-2022.pdf

On a full-year basis, Coinbase generated net revenue of $3.1 billion in 2022, down from $7.4 billion in 2021. Coinbase also noted that it has diversified its revenues into subscriptions and services, allowing it to experience increased quarterly revenue. The company’s fourth-quarter net revenue in 2022 was $605 million. Though that number is down significantly from $2.49 billion in Q4 2021, it is up 5% from $576 million in the third quarter.

Source: https://s27.q4cdn.com/397450999/files/doc_financials/2022/q4/Shareholder-Letter-Q4-2022.pdf

As per the report, Coinbase's Q4 net loss was $557 million. Full-year 2022 net loss was $2.6 billion and included $694 million in unrealized non-cash crypto asset impairment and impairment to our ventures portfolio.

Coinbase said  that "Coinbase and crypto proved to be largely resilient in 2022 despite major shocks to the system".

The firm also said it's in strong regulatory position, quoted saying:

"We expect 2023 to be a year of regulatory focus and we believe our strong foundation will make us a net beneficiary of this new environment."

Related：

Euro-Backed Stablecoin, Euro Coin Set to Trade on Coinbase

Coinbase CFO Doesn’t Rule Out More Layoffs to Improve Financials

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