Coinbase Regional Revenue: U.S. and International

Cryptocurrency trading. Pexels image.

This article presents the revenue distribution of Coinbase Global, Inc. (NASDAQ: COIN) across various countries and regions. While the United States remains the primary source of Coinbase’s revenue, a substantial portion is also generated from its international operations.

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

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Definitions

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

Revenue By Country: Coinbase defines the revenue according to geography based on the domiciles of the customer or other counterparty, according to the annual reports.

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FAQs

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

Why is Coinbase getting the majority of its revenue from the United States?

Coinbase’s dominance in the U.S. market stems from several interconnected factors:

• Regulatory Clarity: The U.S. has established clearer cryptocurrency regulations compared to many other regions, providing a stable environment for Coinbase to operate and attract both retail and institutional investors.
• Institutional Partnerships: Coinbase has built strong relationships with U.S.-based institutional clients, such as hedge funds and asset managers, who contribute significantly to its trading volume.


• High Adoption Rates: The U.S. has a large and active cryptocurrency user base, driven by a tech-savvy population and increasing interest in digital assets as an investment class.
• First-Mover Advantage: As one of the earliest cryptocurrency exchanges in the U.S., Coinbase has established itself as a trusted and reliable platform, benefiting from brand loyalty.
• Product Offerings: Coinbase provides a wide range of services tailored to U.S. customers, including staking, advanced trading tools, and seamless fiat-to-crypto transactions.

However, Coinbase is actively working to expand its international presence. For example, it has launched operations in countries like Canada and Brazil, obtained licenses in regions such as Spain and Singapore, and introduced its International Exchange to cater to institutional clients outside the U.S.

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Insight & Summary of Coinbase’s Revenue By Region

The following analysis consolidates the trends observed across Coinbase’s revenue by region during the 2019–2025 period.

• US-Centric Revenue with Persistent International Underrepresentation Coinbase’s revenue is overwhelmingly generated within the United States: the FY2023–FY2025 average US mix of 84.9% — ranging from a FY2023 high of 87.7% to a FY2024 low of 83.2% — leaves international revenue structurally marginal at approximately 15% of the total. This is a distinctive characteristic for a platform-based financial technology company operating in an asset class (cryptocurrency) that is inherently global.

  For comparison, exchanges such as Binance, OKX, and Bybit derive the substantial majority of their revenue internationally. Coinbase’s US concentration reflects both the maturity of US crypto market participation (particularly institutional) and the regulatory barriers and compliance costs that have limited Coinbase’s international product rollout — derivative products, higher-leverage instruments, and certain token listings available on offshore exchanges remain restricted or unavailable on Coinbase’s US platform.

• US Revenue: Bull-Market Leverage, Bear-Market Resilience US revenue has grown from $417M (FY2019) to $6,011M (FY2025) — a 14.4x increase in six years — but the path has been non-linear: a $6,339M FY2021 peak followed by a -57.7% collapse in FY2022, near-flat in FY2023 (+1.5%), and a recovery to $5,461M (FY2024, +100.4%) and $6,011M (FY2025, +10.1%).

  The FY2025 US revenue of $6,011M modestly exceeds the FY2021 peak ($6,339M is the FY2021 figure — actually FY2025 at $6,011M is slightly below FY2021’s $6,339M), meaning four years of cycle recovery have not yet fully surpassed the prior bull market peak in absolute revenue terms. This is analytically significant: it implies that higher 2024–2025 Bitcoin prices have not translated into commensurately higher revenue compared to 2021, partly because of fee compression across the industry and partly because of the structural shift toward institutional trading (which carries lower fee rates).

• International Revenue: More Volatile, Faster Cycle Recovery International revenue demonstrated more extreme cycle amplitudes than the US segment. It declined -66.0% in FY2022 versus US’s -57.7%, and declined further -24.9% in FY2023 versus US’s near-flat +1.5% — suggesting international markets deactivated faster and deeper during the bear cycle.

  The FY2024 international recovery was proportionally stronger at +188.2% versus US’s +100.4%, giving a FY2023–FY2025 average growth of 56.5% for international versus 37.3% for US. The FY2024–FY2025 international revenue of $1,103M and $1,171M represent a partial recovery from the $1,500M FY2021 peak — international revenue is still approximately 22% below its prior cycle high, a wider gap than the US segment.

  International’s declining mix trend — from 24.4% (FY2020) to 12.3% (FY2023) before partial recovery to 16.3% (FY2025) — is the most concerning strategic data point. The FY2020–FY2023 international mix contraction of 12 percentage points during a period when Coinbase was nominally pursuing geographic expansion suggests that Coinbase’s international growth has been impeded by product limitations, competitive pressure from offshore exchanges, and regulatory headwinds in key markets (EU MiCA compliance costs, UK FCA requirements, etc.).

• Structural Takeaway: Coinbase’s regional revenue profile reveals a business that has deepened its US concentration rather than diversified it over the 2019–2025 period. The international segment — at 15.1% mix average in FY2023–FY2025 — has structural growth potential that has not been realised: the global crypto market is substantially larger than the US alone, and international users on competing platforms generate significant fee revenue that Coinbase does not capture.

  The regulatory and compliance investments Coinbase has made in international markets (EU, UK, Singapore, Canada) are necessary but have yet to produce the revenue growth that would shift the mix meaningfully. A sustainable recovery of the international mix toward the FY2019–FY2020 range of 22–24% — achievable through the combination of MiCA-compliant EU operations, expanded derivatives offerings internationally, and product parity with offshore exchanges — represents the most significant medium-term revenue growth lever available to Coinbase outside of US crypto market cycle dependency.

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

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Revenue from the U.S. and International

The definition of Coinbase’s revenue by country is available here: revenue by country.

The majority of Coinbase’s revenue originates from the United States, with the remainder coming from various international markets, as illustrated in the chart above.

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Revenue Mix from the U.S. and International

The definition of Coinbase’s revenue by country is available here: revenue by country.

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Revenue Growth from the U.S. and International

The definition of Coinbase’s revenue by country is available here: revenue by country.

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Credits and References

1. All financial figures presented were obtained and referenced from Coinbase Global, Inc.’s annual reports published on the company’s investor relations page: 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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