On October 30, 2024, Coinbase Global (COIN) held its Q3 earnings call, revealing a total revenue of $1.2 billion for the quarter ending September 30, 2024.

Despite facing softer market conditions, the company reported its seventh consecutive quarter of positive adjusted EBITDA, amounting to $449 million, and its fourth consecutive quarter of positive net income.

This performance comes even as trading volume and revenue from transaction fees have declined, prompting Coinbase to diversify its revenue streams.

The company aims to exceed $2 billion in subscription and services revenue in 2024, up from $1.4 billion in 2023.

To support this growth, Coinbase is exploring various opportunities, including product development, potential acquisitions, and stock repurchases to return capital to shareholders.

Coinbase has also strengthened its balance sheet, boasting $8.2 billion in total resources, which has enabled a $1 billion stock buyback authorization.

Enhancing user experience is a priority, as demonstrated by the introduction of smart wallets, which have reduced the time-to-first transaction from 2.5 hours to just 8 minutes.

The integration of stablecoins into Coinbase products is another focus, with USDC's market cap growing by 45% year-to-date to $36 billion, alongside the launch of support for EURC, a Euro-backed stablecoin.

Coinbase's Layer 2 solution, Base, has emerged as the leading Layer 2 solution by transaction count and total value, facilitating rapid and low-cost transactions.

In addition to product innovation, Coinbase is committed to regulatory advocacy, having allocated $25 million to support pro-crypto initiatives like Fairshake and StandWithCrypto.org.

CEO Brian Armstrong emphasized the company's goals for 2024, which include driving revenue, increasing the utility of crypto, and achieving regulatory clarity.

Overall, Coinbase's strategic initiatives reflect a robust approach to navigating the current market landscape while positioning itself for future growth.