In a testament to the burgeoning crypto market and favorable political winds, Coinbase (COIN) reported its strongest quarterly performance in years, with fourth-quarter revenue surging 138% year-over-year to $2.27 billion, far exceeding Wall Street expectations of $1.84 billion. The leading U.S. cryptocurrency exchange also posted adjusted earnings of $1.3 billion, surpassing the consensus estimate of $906.9 million.
The impressive results were driven by robust trading activity, with total trading volume reaching $439 billion, up 185% from the same period last year. Transaction revenue soared 194% year-over-year to $1.56 billion, underscoring the widespread investor enthusiasm following the election of a pro-crypto administration in November.
CEO Brian Armstrong highlighted the significance of the political shift in his shareholder letter, stating, “Crypto¡¯s voice was heard loud and clear in the U.S. elections, and the era of regulation via enforcement that crippled our industry in the U.S. is on its way out.” He outlined Coinbase’s strategic goals for 2025, emphasizing the need to “drive revenue, drive utility, and scale our foundations”.
The post-election rally not only boosted trading volumes but also pushed crypto asset prices to new highs, benefiting both consumer and institutional investors. According to Coinbase’s report, consumer trading volume rose 224% year-over-year, while institutional trading volume increased by 176%. The company attributed much of this growth to heightened crypto asset volatility and higher average prices, as well as the launch of bitcoin ETF products earlier in the year and the expectation of regulatory clarity under the new administration.
Looking ahead, Coinbase remains optimistic about its prospects. As of February 11, the company had already generated $750 million in trading revenue, with expectations for trading revenue to constitute between the mid- to high teens as a percentage of net revenue for the current quarter. While trading still accounts for 68.5% of total revenue, primarily driven by retail traders, Coinbase is actively diversifying its revenue streams through its subscription and services business, which includes offerings like stablecoins, staking, custody, and its premium service, Coinbase One. Revenue from these services is projected to range between $685 million and $765 million for the first quarter of 2025.
A key focus for Coinbase is the expansion of USDC, the stablecoin issued by Circle with which Coinbase has a revenue-sharing agreement. CFO Alesia Haas expressed confidence in USDC’s growth potential in a post-stablecoin legislation environment, noting, “We can drive utility in this where we can drive more trading pairs on our own platforms denominated in USDC, which drives the liquidity, and the more liquidity you have in any asset, that drives more adoption.” CEO Brian Armstrong set an ambitious goal to make USDC the leading stablecoin, leveraging its compliance-focused approach and existing network effects. Currently, USDC holds approximately 26% of the stablecoin market share, trailing Tether’s dominant 67%.
As Coinbase continues to navigate the evolving landscape of cryptocurrency regulation and adoption, its Q4 results underscore the growing acceptance and integration of digital assets into mainstream finance. With a clear vision for the future and a supportive political backdrop, Coinbase appears poised to capitalize on the opportunities ahead.
So far our investigation has been analytical. We have seen Plotinus acquire, one after another, the elements out of which his system has still to be constructed. The first step was to separate spirit from matter. They are respectively distinguished as principles of union and of division. The bodies given to us in experience are a combination of the two, a dispersion of form over an infinitely extended, infinitely divisible, infinitely changeful substratum. Our own souls, which at first seemed so absolutely self-identical, present, on examination, a similarly composite character. A fresh analysis results in the separation of Nous or Reason from the lower functions of conscious life. And we infer by analogy that the soul in Nature bears the same relation to a transcendent objective Nous. Nous is essentially pure self-consciousness, and from this self-consciousness the world of Ideas is developed. Properly speaking, Ideas are the sole reality: sensible forms are an image of them impressed on matter through the agency of the world-soul. But Nous, or the totality of Ideas, though high, is not the highest. All that has hitherto occupied us, Nature, Soul, and Reason, is316 pervaded by a fundamental unity, without which nothing could exist. But Soul is not herself this unity, nor is Reason. Self-consciousness, even in its purest expression, involves a duality of object and subject. The notion of Being is distinct from the notion of oneness. The principle represented by the latter, as the cause of all things, must itself transcend existence. At the same time, it is revealed to us by the fact of our own personal identity. To be united with oneself is to be united with the One. ¡°What?¡± She was strong, slender as she was, and she freed herself almost without effort. And yet he would not be warned. "Don't you love me?" he insisted, as though she had not already made it plain enough. "Don't be cross, Maria," pleaded Annabel. "I didn't know nothin' of it. You know I've been down to see the Robinses, and intended to stay till tomorrer, but something moved me to come home today, and I just happened to take this train. I really didn't know. Yet," and the instinctive rights of her womanhood and her future relations with Si asserted themselves to her own wonderment, "I had what the preachers call an inward promptin', which I felt it my dooty to obey, and I now think it came from God. You know I ought to be with Si as soon as anybody," and she hid her face in her hands in maidenly confusion. trouble. Send down a detail at once for Shorty Elliott, Co. Wilson's first instructions were as to Shorty's personal appearance. He must get a clean shave and a hair-cut, a necktie, box of paper collars, a pair of white gloves, have blouse neatly brushed and buttoned to his throat and his shoes polished. As soon as he saw that he was likely to remain at Headquarters for some time. Shorty became anxious about that letter from Sammy, and after much scheming and planning, he at last bethought himself of the expedient of having the Chief Clerk write an official letter to Sam Elkins, the postmaster and operator at Bean Blossom Creek Station, directing him to forward to Headquarters any communications addressed to Corp'l Elliott, 200th Ind. Vols., and keep this matter a military secret. "Well, I have stirred up a yaller-jacket's nest for sure," thought Shorty, rather tickled at the odds which were arrayed against him. "But I believe I kin handle 'em until either the train pulls out or the boys hear the ruction and come to my help." She felt that he would come¡ªhe would return to her in the reaction that swung him from Rose. But would she be able to keep him? She did not feel so sure of that¡ªfor that did not depend on her or on him, but on that mysterious force outside themselves with which they had both already struggled in vain. It was only lately that her longing for love and freedom had become a torment. Up till a year or two ago her desires had been merely wistful. Now a restless hunger gnawed at her heart, setting her continually searching after change and brightness. She had come to hate her household duties and the care of the little boys. She wanted to dance¡ªdance¡ªdance¡ªto dance at fairs and balls, to wear pretty clothes, and be admired and courted. Why should she not have these things? She was not so ugly as many girls who had them. It was cruel that she should never have been allowed to know a man, never allowed to enjoy herself or have her fling. Even the sons of the neighbouring farmers had been kept away from her¡ªby her father, greedy for her work. Tilly, by a lucky chance, had found a man, but lucky chances never came to Caro. She saw herself living out her life as a household drudge, dying an old maid, all coarsened by uncongenial work, all starved of love, all sick of, yet still hungry for, life. "And is this your present?¡ªWhat is your name?" "But, take care," said Margaret, "that you say not whom it is for." But Margaret was many minutes ere she could do more than kiss his hand, and wet it with her tears. At length, when her emotions of joy and surprise had in some degree subsided, she replied, that Holgrave was still living a villein at Sudley. HoMExiao77av
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