Quarterly net revenue of Coinbase 2019-2023
Cryptocurrency platform Coinbase saw its net revenue decline again in 2023, caused by the start of the crypto winter in 2022. The Delaware-based company had more net revenue in the second half of 2021 than in the entirety of 2022. This coincides with the time that the price of Bitcoin started to decline. The declining interest in crypto is important to Coinbase's business model, as the prospectus listed that transaction revenue made up "over 96 percent" of the company's net revenue towards the end of 2020.
