good everyone. Brian, afternoon, Thanks, and
Coinbase on our executed our fourth adjusted shared, EBITDA operating our strong wrapped was Brian quarter we invested goals. business I'm diversified to revenue, positive we while achieve financial we a for we up and priorities, a quarter As X that opportunistically great and maintained proud discipline, generated we we year.
volatility given So let's dive otherwise. Crypto the our U.S. quarter-over-quarter a backdrop. volume comparisons the this, basis, our cap in Underpinning with XX% crypto the history. up be this XX%. macro unless will increased of on increased saw I backdrop, the to markets With billion, was elections, crypto $XXX results. subsequent Congress note and pro-crypto quarter, All election and in trading most total I average rallied President asset Starting make XXX%. the into market we QX
Our up the XXX%, spot outperformed and U.S. market, $XX consumer we XXX%. increased trading was volume billion, which
high. an trading simple As strong and growth both up Brian $X.X all-time Consumer advanced in transaction shared, this was billion, XXX%. volume. was saw revenue We
very consumer of QX. similar as volume compared mix was in trading Our QX to
up new million growth over Coinbase space. the collectively, half of memecoins invested addition WIF. pleased quarter, our see quarter new these experience market improvements, to trading from popular to in we and ago, we XX and come listed X.X participants market trading or the either nearly XX%, we're PEPE MTUs. of drove customers fourth in in year these Nearly and our Further, stability conditions, into including resurrected were the the During a to MTU to assets, like platform efforts,
Institutional Our financing the transaction up across U.S. custody, staking. was Prime also adoption quarter, XXX%. In institutional we fourth product outperforming saw the billion, $XXX suite XXX%, trading, was volume strong spot $XXX trading revenue of million, up the and market.
XXXX, our Our of robust. most these remains onboarding top with engaged pipeline clients products in and are
had and product quarter all-time Prime connection who in in we conditions, balances market using trading strong amongst high clients the financing elevated Our see the with financing. are loan fourth
million, subscription which $XXX reached our Turning to revenue, and XX%. up services
I was asset and X prices unit Our by points as market our within on native well touch staking, subscription products. revenue across and cap, inflows higher to want USDC and growth USDC driven services. custody within the as
or First, our $XX declined million stablecoin revenue X%.
and increase the see during are our cap market on-platform super USDC to substantially quarter. pleased grew, balances We
the a growth. offset interest the However, more participants of rate new impact ecosystem USDC lower environment than this and
was other paid In Second, or $XX see revenue largely announced we million XXX,XXX growth since and this Coinbase One. and to exceeded One members, grew by continue we Coinbase driven strong services December, then. XX%, subscription early
XX%. operating were Total QX Switching to expenses. expenses billion, $X.X up
collectively marketing higher we million grew by was connection Technology general pursued higher expenses in the by high transaction rewards administrative policy-related marketing to efforts Our sales primarily driven within development, in and activity. due some with and quarter-over-quarter as expense performance advocacy and quarter $XX the and space. XX% over spend, USDC growth or spend crypto and trading higher
Our million on an in fourth $XXX billion, adjusted was also basis, after-tax was vast I this benefited represented income The pretax $X.X investment gains. $XXX crypto of gains billion. Net unrealized. $X.X of million want a asset this to quarter portfolio. net EBITDA income majority our gain that by and was on note
billion Lastly, the resources $X.X to quarter. by our USD of the grew end
debt by resources sheet arise. more structure business, as strong on us the enables invest crypto capacity they Our to optionality Generally, a us opportunistically share capitalize to flexibility maximum whatever in and in we assets provides building provides the us invest or acquisitions, opportunity sheet balance strong the or find we balance believe for a gives capital repurchases. address to
In Gensler-era highlight disclosure. assets Before SAB which liabilities SEC sheet. on us to one important to Accounting our balance change requirement. repealed we and XXX, SAB I customer in XXX, in get consolidated issued turn crypto January, adopted rescinded that record to the Bulletin XXX, We early which Staff outlook, it XXX, which want SAB required and the reverses
customer safeguarded our liabilities no safeguarded balance sheet. longer reporting on As such, assets customer and we are
statements. business amount financial processes storing key on the which where to our of our obligations reinstated no or are our change material and securely its securely operational on location customers. a legal behalf crypto is metric, our we customer we've customer to change and change we place, reports assets, platform of In risks. USDC, The audited only of disclose assets assets the in of storing as No
billion crypto in platform, $XXX total As of market December we XX, had assets approximately on total cap. of XX%
You included our can on see footnote assets XX-K. audited in is within platform an our
the year QX. revenue for a a strong start with million outlook have generated our close transaction comments $XXX and on I'll in We've Finally, few to had year-to-date. roughly
to range in sequentially million. and QX $XXX be revenue the to We grow $XXX of million services expect subscription and
driven stablecoin we've One subscribers far revenue, growth to the by higher crypto Coinbase average of asset prices expect and be continued We higher growth quarter. so the in seen
stablecoin to our stretch to stablecoin. Brian dollar regards With revenue, earlier #X goal make mentioned the USDC
important it's few note this achieve over to think that hope I we years. the to next
range We On and continue expect administrative sales the QX and $XXX to $XXX between the and be be million expect in of and development to million. range technology marketing, expenses general to in to we marketing $XXX the million. which see drives USDC $XXX fall attractive this largely whether million depend performance balances, Rewards. to opportunities, Where we we will product range and on USDC
questions. let's go to Anil, With that,
