Coinbase Verified Users and Monthly Transacting Users

Crypto rocket. Pixabay image.

This article presents the number of verified users and monthly transacting users (MTU) of Coinbase Global, Inc., (NASDAQ: COIN).

Coinbase uses the verified users and monthly transacting users as part of its key business metrics to evaluate business performance, identify trends, and make strategic decisions, according to the company’s annual report.

For other key statistics of Coinbase, you may find more resources on this page: Coinbase key stats.

Let’s look at Coinbase’s verified users and MTU numbers.

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Definitions

To help readers understand the content better, the following terms and glossaries have been provided.

Verified Users: Coinbase defines verified users as all consumers, institutions, and developers that have registered an account on its platform and confirmed either their email address or phone number, or that have established an account with a username on its non-custodial wallet application, as of the date of measurement, according to the 2022 annual report.

However, the number of verified users is not without weaknesses. Firstly, verified users do not necessarily mean paying customers but the probability is higher as these customers have demonstrated an interest in Coinbase’s platform or direct intent to transact with crypto assets. Therefore, a growing verified user number may or may not translate to more revenue.

Secondly, according to Coinbase, the verified user numbers may overstate the number of unique customers who have registered an account on its platform. The reason is that a customer may register for, and use, multiple accounts with different email addresses, phone numbers, or usernames.

Monthly Transacting Users: The Monthly Transacting User (MTU) is defined as a consumer who transacts one or more products on Coinbase’s platform at least once during the rolling 28-day period ending on the date of measurement, according to the company’s annual report.

There are two types of MTU presented in Coinbase’s earnings releases: quarterly and annual MTU numbers.

According to Coinbase, MTU is an important statistic because it represents the transacting base of consumers who drive potential revenue-generating transactions on the company’s platform.

Therefore, the higher the MTU figures, there is a high probability of more revenue. Again, the MTU metric is not without weaknesses.

In this aspect, the MTU may overstate the number of unique consumers due to differences in product architecture or user behavior.

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FAQs

To help readers understand the content better, the following FAQs have been provided.

How Does Coinbase Boost Its Transacting Users?

Coinbase, a leading cryptocurrency exchange platform, employs various strategies to increase its monthly transacting users, focusing on enhancing user experience, security, and market presence. Here are some of the key strategies:

• **User-Friendly Platform**: By constantly improving its user interface and making the platform more intuitive, Coinbase attracts seasoned traders and newcomers to the cryptocurrency world. Simplifying the buying, selling, and trading processes encourages more frequent transactions.

• **Security Enhancements**: Security is paramount in the crypto space. Coinbase invests heavily in state-of-the-art security measures to protect user funds and personal information. This commitment to security builds trust and encourages users to transact more frequently.




• **Educational Resources**: Coinbase provides a wealth of educational materials on its platform through Coinbase Learn, aiming to demystify cryptocurrency for the average user and provide insights into emerging trends. Educated users are more likely to engage in transactions.

• **Cryptocurrency Variety**: By regularly adding new cryptocurrencies to its platform, Coinbase caters to varied interests within the crypto community. This diversity attracts a broader user base and encourages existing users to explore new transaction opportunities.

• **Marketing and Partnerships**: Strategic marketing campaigns and partnerships help Coinbase reach new audiences. Collaboration with popular brands or personalities in the crypto space can drive sign-ups and transactions.

• **Mobile App Accessibility**: With the increasing use of smartphones for financial transactions, Coinbase ensures its mobile app is robust, feature-rich, and user-friendly. This accessibility boosts the frequency of transactions among users who prefer mobile platforms.

• **Reward Programs and Incentives**: Coinbase occasionally offers reward programs, such as earning crypto for learning about new currencies or cashback in crypto for using their Coinbase Card. These incentives encourage users to engage more with the platform.

• **Regulatory Compliance**: By actively working to comply with global financial regulations, Coinbase builds a reputation of reliability and safety. This regulatory compliance attracts users who are cautious about the legality and security of their investments.

• **Customer Support**: Investing in responsive and helpful customer support ensures that users’ issues are resolved quickly, maintaining a positive user experience and encouraging continued use of the platform.

By focusing on these areas, Coinbase aims to create a favorable environment that attracts new users and retains existing ones, encouraging them to transact more frequently on the platform.

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Insight & Summary of Coinbase’s Monthly Transacting and Verified Users

Coinbase’s user metrics tell a story of explosive early growth followed by a genuine slowdown, complicated by the company’s decision to stop disclosing Verified Users after 2022 — a disclosure gap that limits how much of the more recent user story can be quantified with the same precision as the 2019–2022 period.

• Verified Users: A Growth Story Cut Short by Disclosure Verified Users grew from 32 million (2019) to 110 million (2022) — a 244% increase in just three years — before the company stopped reporting this metric altogether from 2023 onward. This means the most fundamental measure of Coinbase’s total addressable user base has been opaque for the past three fiscal years, making it impossible to know whether the underlying user base has continued growing, plateaued, or something in between during a period when crypto market conditions swung considerably.

• Monthly Transacting Users: Explosive 2021 Peak, Then a Multi-Year Reset Both MTU measures peaked dramatically in 2021 — 4th Quarter MTU hit 11.2 million and Annual Average MTU hit 8.4 million — before falling sharply through 2022–2023 (4th Quarter MTU: 8.3 million then 7.0 million) and only partially recovering since. By 2024, 4th Quarter MTU had rebuilt to 9.7 million, still below 2021’s peak, and by 2025 Annual Average MTU reached 9.2 million — its highest level in the dataset, but achieved gradually over four years rather than through another sharp spike. The two measures (4th Quarter snapshot vs. Annual Average) track each other reasonably closely in most years, though 2021 shows the widest gap between them (11.2 million vs. 8.4 million) — consistent with a single quarter capturing an unusually strong trading period that pulled the full-year average down relative to that peak.

• MTU Growth: From Triple-Digit Expansion to Multi-Year Deceleration MTU growth tells the clearest story of deceleration in the entire dataset: 342.1% growth in 2021 collapsed to just 4.8% in 2022, then turned negative (-15.9%) in 2023 — the only contraction year shown — before recovering to more modest positive growth in 2024 (13.5%) and 2025 (9.5%). This pattern — explosive growth, sharp reversal, gradual stabilization — closely mirrors the broader crypto market cycle of 2021’s bull run followed by 2022’s downturn, suggesting Coinbase’s user engagement remains closely tied to crypto market conditions rather than showing fully independent, steady organic growth.

• MTU-to-Verified-Users Ratio: A Meaningful Engagement Signal, Now Undisclosed Both ratio measures — Annual Average MTU as % of Verified Users, and 4th Quarter MTU as % of Verified Users — show that only a modest fraction of Coinbase’s verified user base was actively transacting in any given month, peaking at 12.6% (4th Quarter, 2021) and otherwise ranging from roughly 3–9%. This ratio is a genuinely useful engagement metric — it shows what share of Coinbase’s total registered base was actually active — but because Verified Users hasn’t been disclosed since 2022, this ratio can no longer be calculated for 2023–2025, removing visibility into whether user engagement quality has improved or deteriorated during the recent MTU recovery.

• Structural Takeaway: Coinbase’s user growth story split cleanly into two eras: an explosive 2019–2021 expansion phase, and a more turbulent, slower-growing 2022–2025 phase shaped by the broader crypto market cycle — with the added complication that reduced disclosure (no Verified Users data since 2022) makes the more recent period harder to fully evaluate. Given MTU growth has now been positive for two consecutive years (2024, 2025) after 2023’s contraction, the recovery appears to be continuing, though at a considerably more moderate pace than the 2021 boom; whether that moderate growth is sustainable or represents another cyclical upswing that could reverse depends heavily on crypto market conditions going forward. The most consequential open question, however, isn’t a metric that’s visible in this dataset at all — it’s whether Coinbase resumes Verified Users disclosure, since without it, investors lose the ability to distinguish between “the same user base transacting more” and “genuine growth in the total addressable user base,” which are very different stories for the company’s long-term trajectory.

The table below combines all key Coinbase’s users metrics into a single view for the latest three fiscal years.

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Verified Users

The definition of Coinbase’s verified users is available here: verified users. Coinbase has stopped presenting the verified users results starting in 2023, citing inaccuracy of the metric in measuring business performance.

Coinbase Global’s verified user base has shown consistent growth across the four fiscal years presented. In FY2019, the company recorded 32 million verified users, establishing a strong foundation. By FY2020, this number had increased to 43 million, reflecting further expansion of the platform’s reach.

The upward trajectory continued in FY2021, with verified users rising sharply to 89 million, more than doubling the prior year’s figure. In FY2022, the verified user count reached 110 million, marking another significant milestone in the company’s growth journey.

Across the period from FY2019 to FY2022, Coinbase Global’s verified users grew steadily, with the most pronounced increase occurring between FY2020 and FY2021. The overall trend highlights a sustained expansion of the user base, culminating in more than a threefold increase over the four years. This progression underscores the company’s ability to scale its platform and broaden its reach, with verified users continuing to serve as a key indicator of overall adoption and engagement.

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MTU – Annual Average

Coinbase’s annual average MTU is alculated as the average of quarterly MTUs, which are derived from the average of each month’s MTUs in each respective quarter. The definition of Coinbase’s MTU is available here: monthly transacting users.

Therefore, the annual average MTU may represent a more consistent result.

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MTU – Results from the 4th Quarter

MTU – 4th quarter results is the MTU figure based on the last quarter result of the fiscal year. The definition of Coinbase’s MTU 4th quarter results is available here: monthly transacting users.

Coinbase has not disclosed this MTU result in fiscal year 2025.

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Annual Average MTU Growth Rates

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Ratio of MTU To Verified Users

This ratio measures the percentage of verified users that get translated to transacting users.

Coinbase Global’s ratio of monthly transacting users (MTU) to verified users, expressed in percentage terms, highlights the level of active engagement across the four fiscal years presented. In FY2019, the ratio stood at 3.4%, establishing the baseline for subsequent years. By FY2020, the ratio increased to 4.4%, reflecting a higher proportion of verified users actively transacting on the platform.

The most notable rise occurred in FY2021, when the ratio reached 9.4%, marking the highest level in the period. In FY2022, the ratio moderated slightly to 8.0%, though it remained well above the earlier years, indicating sustained engagement among verified users.

Across the four‑year span, Coinbase Global’s MTU‑to‑verified user ratio demonstrates a clear upward trend from FY2019 through FY2021, followed by a modest decline in FY2022.

The progression underscores a significant increase in user activity relative to the verified base, with engagement levels stabilizing at a higher plateau compared to the initial years.

This trajectory highlights the importance of the MTU ratio as a measure of platform utilization, showing that a growing share of verified users are consistently active in transacting.

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Credits and References

1. All financial figures presented were obtained and referenced from Coinbase Global, Inc.’s SEC filings, earnings reports, quarterly and annual statements available in Coinbase Investor Relations.

2. Pixabay images.

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Disclosure

We may use artificial intelligence (AI) tools to assist us in writing some of the text in this article. However, the data is directly obtained from original sources (usually the quarterly and annual reports) and meticulously cross-checked by our editors multiple times to ensure its accuracy and reliability.

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