Coinbase stands as one of the most influential cryptocurrency exchanges in the global digital asset ecosystem. Since its inception in 2012, it has evolved from a startup with a modest user base into a financial powerhouse serving millions of users worldwide. This article dives deep into the latest usage and trading statistics for Coinbase, offering a data-driven look at its user growth, trading volume, revenue streams, and platform activity—updated with Q1 2024 insights.
Whether you're an investor, trader, or simply tracking crypto market trends, understanding Coinbase’s performance provides valuable context about broader adoption patterns and institutional involvement in digital assets.
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Key Coinbase Statistics (2024 Update)
Before exploring each metric in detail, here’s a snapshot of the most important figures:
- 8 million monthly transacting users (Q1 2024)
- $312 billion quarterly trading volume (Q1 2024)
- $3.11 billion total revenue in 2023
- $1.64 billion revenue generated in Q1 2024 alone
- Over 400,000 subscribers to Coinbase One
- 3,416 employees as of December 2023
- Customers hold $334.71 billion in assets on the platform
These numbers reflect both resilience and adaptation amid shifting market conditions following the 2021 bull run.
Monthly Transacting Users: Trends and Fluctuations
Coinbase defines monthly transacting users as individuals who complete at least one trade, deposit, or withdrawal within a 28-day window. As of Q1 2024, this number stands at 8 million, a slight dip from 8.4 million in Q1 2023 but notably higher than lows seen in late 2023.
The trend shows significant volatility tied to crypto market cycles:
- Q4 2021: Peak of 11.4 million users during the bull market
- Q3 2023: Dropped to 6.7 million, reflecting bear market inertia
- Q1 2024: Recovery to 8 million, signaling renewed engagement
This rebound aligns with rising Bitcoin prices and increased institutional interest in spot ETF approvals.
Total Verified Users: A Legacy Metric
Prior to Q4 2022, Coinbase reported verified users—accounts with confirmed identity details. The final disclosed figure was 110 million verified users at the end of 2022, up from 89 million just a year earlier.
While no longer updated, this historical data reveals rapid growth during the 2020–2021 bull cycle, when Coinbase added over 21 million new users in a single year.
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Coinbase One Subscribers: Growth in Premium Services
Coinbase One is a subscription service priced at $29.99/month, offering zero-fee trades (within limits), priority support, and exclusive rewards. As of Q1 2024, the platform has over 400,000 paid subscribers, representing approximately 5% of monthly transacting users.
This growing segment indicates increasing willingness among users to pay for enhanced features—a positive signal for recurring revenue diversification beyond transaction fees.
Assets Held on Coinbase: Surging Portfolio Value
Customer-held assets on Coinbase reached $334.71 billion in Q1 2024—an impressive 158% increase year-over-year. This surge reflects not only rising crypto valuations but also growing confidence in regulated custodial platforms.
For comparison:
- Q1 2023: $129.73 billion
- Q4 2023: $197.15 billion
- Q1 2024: $334.71 billion
Bitcoin and Ethereum dominate holdings, accounting for 67% of all assets:
- Bitcoin: 48%
- Ethereum: 19%
- Solana: 7%
- All other assets: 26%
Retail vs Institutional Trading Volume
A major shift in Coinbase’s user dynamics is the rising dominance of institutional traders.
In Q1 2024, institutional trading volume hit $256 billion, or 82.05% of total volume—up from just 19.67% in Q1 2018.
Meanwhile, retail trading accounted for $56 billion (17.95%), showing that while individual participation remains strong, large players now drive most activity.
This trend underscores institutional adoption fueled by regulatory clarity, futures/ETF products, and improved custody solutions.
Most Traded Cryptocurrencies on Coinbase
Trading volume distribution highlights shifting market preferences:
| Asset | Share (Q1 2024) |
|---|---|
| Bitcoin | 33% |
| Ethereum | 13% |
| USDT | 11% |
| Other assets | 43% |
Bitcoin’s share has steadily increased since 2021 (from 24%), reflecting its status as a macro-store of value. Ethereum’s decline from 25% in 2022 may relate to network upgrades and competition from high-performance blockchains like Solana.
USDT’s inclusion marks growing use of stablecoins for trading and hedging—a trend expected to continue.
Supported Cryptocurrencies: Expanding Asset Access
Coinbase supports 248 tradable assets, including major blockchains, DeFi tokens, NFT-related projects, and emerging Layer 1 protocols. This diverse offering enhances accessibility for retail investors seeking exposure beyond Bitcoin and Ethereum.
Expansion is ongoing, with new listings vetted through security, compliance, and liquidity criteria.
Revenue Breakdown: Diversifying Beyond Fees
Coinbase’s total revenue was **$3.11 billion in 2023**, down from $7.84 billion in the peak year of 2021 but stable compared to prior downturns.
In Q1 2024 alone, revenue hit $1.64 billion, suggesting strong momentum early in the year.
Revenue comes primarily from two sources:
Transaction Revenue
Accounting for 65.75% of total income, transaction fees brought in **$1.52 billion** in 2023 ($1.08 billion in Q1 2024). While lower than previous highs, this stream remains core to operations.
Subscription & Services Revenue
This segment grew dramatically—to **$1.41 billion in 2023** (up from $792 million in 2022)—driven by staking rewards, custodial services, earn programs, and Coinbase One subscriptions.
The growth signals successful efforts to reduce reliance on volatile trading fees.
Workforce and Organizational Changes
Coinbase employed 3,416 people as of December 2023—a reduction of over 1,000 staff from the peak of 4,510 in late 2022. These layoffs were part of strategic cost-cutting amid declining revenues post-2021.
Despite the downsizing, the company continues investing in compliance, security, and product innovation—key areas for long-term scalability.
Frequently Asked Questions (FAQ)
Q: How many active users does Coinbase have?
A: Coinbase reports 8 million monthly transacting users as of Q1 2024—individuals who perform at least one transaction every 28 days.
Q: What percentage of trading volume comes from institutions?
A: In Q1 2024, institutional traders accounted for 82.05% of total trading volume on Coinbase, highlighting their growing influence.
Q: How much revenue does Coinbase make from subscriptions?
A: Subscription and services revenue reached $1.41 billion in 2023, more than doubling from the previous year due to staking, custody, and Coinbase One growth.
Q: Is Coinbase still growing despite market downturns?
A: Yes. Although revenue dipped after 2021, Q1 2024 showed strong recovery signs—with rising assets under management ($334.7B) and rebounding transaction volume ($312B).
Q: What are the top cryptocurrencies held by Coinbase users?
A: Bitcoin (48%) and Ethereum (19%) together make up nearly two-thirds of all assets held on the platform.
Q: How many cryptocurrencies can I trade on Coinbase?
A: As of 2025, Coinbase supports trading for 248 different crypto assets, including major coins and select emerging projects.
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Final Thoughts
Coinbase remains a bellwether for cryptocurrency adoption and market health. While its user base and revenues fluctuate with broader economic and crypto cycles, key indicators—such as asset holdings, institutional volume, and subscription growth—point to maturation and resilience.
With over $334 billion in customer assets and sustained innovation in premium services like Coinbase One, the exchange is positioning itself not just as a trading venue but as a comprehensive financial platform for the digital age.
As regulatory frameworks evolve and crypto becomes increasingly integrated into mainstream finance, platforms like Coinbase will play a pivotal role in shaping access, trust, and usability for the next wave of investors.
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