Q3 was a solid quarter for Coinbase across our three priorities for 2024: driving revenue, crypto utility, and regulatory clarity.
In Q3, we generated $1.2 billion in total revenue and $75 million in net income*. Q3 was our 7th consecutive quarter of positive Adjusted EBITDA, which was $449 million. And despite softer market conditions, we saw average native unit growth across staking, on-platform USDC, and custody, which helps diversify revenue over the long-run.
We continue to build great products, with a focus on some of the building blocks that are now in place to help bring one billion users onchain. In Q3, we made significant progress advancing some of these building blocks — notably, integrating stablecoins across our product suite and growing the Base network — which is now the #1 L2 in terms of both transactions and total value locked.
Finally, the upcoming 2024 elections are the next major milestone in our ongoing work to drive regulatory clarity for crypto. The voices of tens of millions of American crypto owners — many in swing states — have formed an undeniable voting bloc and built momentum on both sides of the aisle toward pro-crypto legislation. We continue to be a trusted partner to policymakers and organizations like Fairshake — one of the largest non-partisan PACs — and StandWithCrypto — an independent grassroots advocacy group with approximately 1.8 million crypto advocates. Looking beyond Election Day 2024, we are prepared to work with either administration and believe the odds of pro-crypto legislation are better than ever.
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