Coinbase is projected to report around $2 billion in revenue for Q4 2024, marking a significant 109% year-over-year increase and a 65% quarter-over-quarter boost, according to Coin Metrics. This surge in trading activity, which saw volumes hitting approximately $430 billion, comes after renewed market optimism following the November US elections. Crypto trading activity across exchanges surged as Donald Trump's victory reignited interest in the cryptocurrency market. Meanwhile, Coinbase's stock has appreciated roughly 40% since this election outcome. The supply of the dollar-pegged stablecoin USD Coin on Coinbase has also increased by about 23%. This growth is attributed to rising on-chain activity and Coinbase’s marketing efforts, including attractive interest rates on USDC holdings. Furthermore, Coinbase reportedly earns substantial revenue through staking cryptocurrencies like Ether and SOL, further solidifying its market position as it heads into 2025.

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