Spoiler Alert – Coinbase Q4 Revenue Estimates

Using publicly available data, we estimate Coinbase’s Q4 net revenue at $580 million, slightly below consensus estimates of $590 million. The primary driver for revenue is trading volumes, which we expect to be lower by 9% at $145 billion for the quarter. Lower crypto prices and muted market sentiment are the likely causes. For Coinbase, the bright spot is its interest income. This income is being driven by higher yields generated on USDC supply as interest rates rise. We expect interest income to be $137 million, up 35% for the quarter.

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