Analysis: Coinbase's transaction revenue ratio has dropped to about 50%, shifting from periodic transactions to recurring revenue

Odaily News Crypto analyst arndxt wrote on X that Coinbase's revenue structure is undergoing significant changes.
In 2021, more than 90% of the company's revenue came from transactions; by the third quarter of 2024, this figure drops to about 50%, indicating that the company is shifting from cyclical transactions to recurring revenue. Factors driving this shift include:
1. Stablecoin income (20%): Coinbase earns a certain percentage of USDC reserves through transactions with Circle;
2. Blockchain rewards (14%): fees from staking services on ETH, SOL and other networks;
3. Interest income (5%): Higher risk-free interest rate = better returns on user deposits.
But trading still dominates. With the platform seeing record trading volumes in January, the first quarter of 2025 will be focused on capitalizing on the bull run.