Coinbase remains one of the most influential cryptocurrency exchanges in the world, maintaining a dominant position in the U.S. and expanding globally. Since its inception in 2012, the platform has evolved from a niche digital wallet into a full-fledged financial ecosystem powering millions of retail and institutional investors.
With over 98 million verified users, a trading volume exceeding $335 billion quarterly, and a market capitalization share of more than 11%, Coinbase continues to shape the future of digital finance. This comprehensive overview dives into the latest data on user growth, revenue streams, asset holdings, and competitive positioning—offering a clear picture of what makes Coinbase a leader in the crypto space.
User Growth and Engagement Metrics
Coinbase defines a registered user as any individual or institution with a confirmed email address or phone number. As of 2025, the exchange boasts over 98 million registered users, reflecting consistent year-over-year growth despite market fluctuations.
The platform’s user base has seen exponential expansion since 2013:
- 2013: 60,000 users
- 2014: Over 1 million
- 2018: 23 million
- 2019: 27 million
- 2020: 34 million
- 2021: 73 million
This trajectory highlights increasing public trust and adoption of cryptocurrency, accelerated by pandemic-era digital transformation and rising interest in decentralized finance.
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Monthly Active Users (MAUs)
Monthly active users (MAUs) are defined as individuals or institutions conducting at least one transaction within a 28-day window. Coinbase reported approximately 8.8 million MAUs in early 2025, representing significant growth:
- 2018: 700,000 MAUs
- 2019: 1 million
- 2020: 2.8 million
- 2021–2025: Growth stabilized around 8–9 million
This indicates deepening engagement, with many users relying solely on Coinbase for trading, portfolio tracking, and crypto learning tools.
Monthly Transacting Users
In Q1 2025, Coinbase recorded over 6.1 million monthly transacting users, accounting for about 10.9% of its total user base. This metric grew by more than 118% year-over-year, underscoring increased transactional activity even during bear markets.
For context:
- Q1 2018: 2.7 million transacting users
- Q1 2019: Dropped to 800,000
- Q1 2020: Recovered to 1.3 million
- Q1 2021: Surged to 6.1 million
The rebound reflects improved product offerings, mobile app enhancements, and broader accessibility across global markets.
Institutional Adoption and Client Base
Institutional involvement is a cornerstone of Coinbase’s long-term strategy. The platform serves over 7,000 institutional clients, including hedge funds, asset managers, corporations, and fintech firms.
These institutions hold an estimated $44.8 billion worth of digital assets on Coinbase Cust—a secure storage solution designed for large-scale investors.
Key milestones:
- 2019: 4,200 clients holding $6.5 billion in assets
- 2020–2025: Client count rose by ~67%, with asset value increasing nearly 6.9x
This surge demonstrates growing confidence among traditional finance players in regulated crypto infrastructure.
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Assets Under Management and Market Share
Total client assets on Coinbase reached $223 billion in early 2025—an increase of over 13x compared to 2020.
Historical asset growth:
- Q1 2018: $13 billion
- Q1 2019: $8 billion (brief dip due to market correction)
- Q1 2020: $17 billion
- Q1 2021: $223 billion
This explosive growth aligns with Bitcoin’s price surge and increased diversification into altcoins and DeFi-related tokens.
Coinbase controls approximately 11.3% of the total cryptocurrency market capitalization, up from just 4.5% in 2018. This growing footprint solidifies its role as a primary gateway for new entrants into the crypto economy.
Trading Volume and Transaction Trends
Retail vs. Institutional Trading
In Q4 2024, Coinbase processed:
- Retail trading volume: $32 billion (36% of total)
- Institutional trading volume: $57 billion (64% of total)
While retail activity spiked during bull runs (e.g., $45 billion in Q1 2018), institutional dominance has become the norm since 2020.
Retail trading volume in 2024 was 2.15x higher than in 2019, driven by easier onboarding, recurring buys, and educational content.
Most Traded Cryptocurrencies
Bitcoin remains the most traded asset:
- Bitcoin: ~41% of total trade volume (down from 58% in 2019)
- Ethereum: Stable at ~13%
- Other cryptos (excluding BTC/ETH): Increased from 18% in 2018 to over 44% in recent years
This shift signals growing investor interest in diversified portfolios, including layer-1 blockchains, stablecoins, and tokenized real-world assets.
Revenue Streams and Profitability
Total Revenue
Coinbase generated:
- $1.28 billion in revenue (2020)
- $1.8 billion in Q1 alone (2025) — already surpassing full-year 2020 earnings
Revenue sources:
| Source | Percentage |
|---|---|
| Transaction fees | ~86% |
| Subscription & services | ~14% |
Transaction Revenue
Transaction fees remain the primary income driver:
- $463 million (2019)** → **$1.1 billion (2025)
- Growth fueled by higher trading volumes and fee-based services like advanced trading and staking withdrawals
Subscription & Service Revenue
This segment includes staking rewards, custodial fees, interest income, and educational campaign incentives:
- Grew from $19.9 million (2019)** to **$45 million (2025)
- Reflects expansion into yield-generating products and institutional services
Profitability
After a slowdown in profits between 2018–2019, Coinbase returned to strong profitability:
- $380 million profit (2017)
- $322 million profit (2024)
- Over $2.36 billion profit (first half of 2025)
The post-IPO surge—driven by public listing at $250/share and over 260 million shares outstanding—has significantly boosted investor confidence.
Platform Features and User Behavior
Average Deposit Size
The average deposit size was approximately **$529** in early 2025, slightly down from a peak of $560 in January. This suggests smaller but more frequent investments—a trend associated with dollar-cost averaging strategies.
Supported Cryptocurrencies
Coinbase supports over 108 cryptocurrencies, adding more than 68 new assets since late 2019. The platform continues to expand support based on regulatory compliance, security audits, and user demand.
Most Held Cryptocurrencies
User holdings are heavily concentrated in major assets:
- Bitcoin: 70% of all held crypto value
- Ethereum: 13%
- All other cryptos: Combined ~13%
- Fiat balances: ~4%
This concentration reflects risk aversion among newer investors and Bitcoin’s status as “digital gold.”
Global Presence and Geography
While Coinbase operates internationally, its core user base remains concentrated in North America:
- Over 550 U.S.-based websites accept Coinbase Commerce for payments
- Germany ranks second with ~50 sites
- United Kingdom follows with ~44
Top merchants using Coinbase include BitChute, RoyaleAPI, and StayFocusd—spanning content platforms, developer tools, and niche communities.
Despite being remote-first with employees across the U.S., Germany, Japan, UK, Ireland, and the Philippines, regulatory challenges limit full availability in certain regions.
Competitive Landscape
Coinbase leads the global exchange market by revenue:
| Platform | Estimated Revenue (USD) |
|---|---|
| Coinbase | $2.36 billion |
| Binance | $1.8 billion |
| eToro | $446 million |
| Kraken, FTX, Robinhood | Below $400 million each |
Its combination of regulatory compliance, U.S. market dominance, and robust institutional services sets it apart from competitors often criticized for lax oversight.
Frequently Asked Questions (FAQ)
Q: How many users does Coinbase have in 2025?
A: Coinbase has over 98 million registered users as of early 2025.
Q: What percentage of crypto market cap is on Coinbase?
A: Approximately 11.3% of the total cryptocurrency market capitalization is held on Coinbase.
Q: Does Coinbase make most of its money from fees?
A: Yes—about 86% of revenue comes from transaction fees; the rest is from subscriptions and services like staking.
Q: How profitable is Coinbase?
A: In the first half of 2025, Coinbase earned over $2.36 billion in profit, marking its strongest financial performance to date.
Q: Is Coinbase available worldwide?
A: While accessible in over 100 countries, key services are limited by local regulations, especially in Asia and parts of Europe.
Q: What cryptocurrencies does Coinbase support?
A: The platform supports more than 108 crypto assets, including Bitcoin, Ethereum, stablecoins, and select altcoins.
Final Thoughts
Coinbase has cemented itself as a foundational pillar of the modern crypto economy. From its rapid user growth and expanding asset base to record-breaking revenues and profitability, the platform exemplifies how innovation and regulation can coexist.
As digital assets become increasingly integrated into mainstream finance, Coinbase’s role as a trusted onramp will only grow stronger—especially with ongoing developments in Web3, decentralized identity, and tokenized securities.
Whether you're a retail investor starting your journey or an institution seeking secure custody solutions, understanding Coinbase’s metrics offers valuable insight into the broader trajectory of cryptocurrency adoption.
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