Spoiler Alert – Coinbase Q4 2023 Revenue Estimates

We estimate Coinbase revenue for Q4 2023 to be $866 million, growing by 40% from Q3. Our estimate is much higher than the consensus expectation of $824 million. This growth is credited not just to higher crypto prices but also to Coinbase’s strong execution over the bear market. Even though volumes are similar to Q4 2022, we expect transaction revenue to be 50% higher.

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