Coinbase Trading Revenue By Crypto Type – Bitcoin, Ethereum, etc.

Cryptocurrencies to invest. Pexels image.

This article presents the breakdown of Coinbase Global, Inc. (NASDAQ: COIN)’s transaction revenue by crypto assets. Coinbase’s transaction revenue are fees charged on cryptocurrency trades conducted on its platform.

These fees are applied to both buying and selling transactions and vary depending on factors like the transaction amount, payment method, and user type (e.g., retail or institutional).

Bitcoin and Ethereum are the two major cryto currencies traded on Coinbase’s platforms. As of the end of fiscal year 2025, no other crypto assets (except bitcoin, ethereum, and XRP) individually made up more than 10% of the total transaction revenue, according to the annual report.

For transaction revenue based on user types, such as consumer and institutional, you may refer to this article: Coinbase trading revenue by users: retail and institutional.

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.

Bitcoin: Bitcoin is a type of digital currency, often referred to as a cryptocurrency, that operates on a decentralized network using blockchain technology.

It was invented in 2008 by an anonymous entity or group using the pseudonym Satoshi Nakamoto and launched in 2009. Key features of Bitcoin include:

• Decentralization: It is not controlled by any central authority, like a government or bank. Instead, it relies on a peer-to-peer network to process and verify transactions.

• Blockchain: Bitcoin transactions are recorded on a public ledger called the blockchain, which ensures transparency and security.

• Limited Supply: There will only ever be 21 million bitcoins in existence, making it scarce and often compared to digital gold.

• Anonymity: While transactions are public, users are identified only by their wallet addresses, offering a degree of privacy.

Bitcoin is used for a variety of purposes, including investments, online transactions, and as a hedge against inflation in some economies.

Ethereum: Ethereum is a decentralized, open-source blockchain system that enables the creation and execution of smart contracts and decentralized applications (dApps).

It was proposed in 2013 by Vitalik Buterin and went live in 2015. Unlike Bitcoin, which primarily functions as a digital currency, Ethereum is designed to be a programmable blockchain, offering more versatile use cases.

Key aspects of Ethereum include:

• Ether (ETH): The native cryptocurrency of the Ethereum network, used to pay for transaction fees and computational services (commonly referred to as “gas”).

• Smart Contracts: Self-executing contracts with the terms of the agreement directly written into code. They enable automated, trustless transactions.

• Decentralized Applications (dApps): Applications built on the Ethereum blockchain that operate without central control.

• Ethereum Virtual Machine (EVM): A computational engine that executes smart contracts and ensures consensus across the network.

Ethereum’s versatility has made it the foundation for various innovations, including non-fungible tokens (NFTs), decentralized finance (DeFi), and more.

XRP: XRP is a cryptocurrency native to the XRP Ledger (XRPL), an open-source, decentralized blockchain launched in 2012. It’s closely associated with the fintech company Ripple Labs, which uses XRP within its cross-border payments network, though it’s worth understanding that XRP and Ripple the company are technically distinct — the XRP Ledger itself is open-source and not solely controlled by Ripple, even though Ripple holds a substantial amount of XRP and has been its most prominent commercial promoter.

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FAQs

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

Why is Coinbase’s trading revenue concentrated mainly on Bitcoin and Ethereum?

Coinbase’s trading revenue is primarily concentrated on Bitcoin and Ethereum due to these key reasons:

• Market Leadership: Bitcoin and Ethereum are the two largest cryptocurrencies by market capitalization, attracting the highest trading volumes.

• Liquidity: Both assets offer deep liquidity, making them preferable for institutional and retail traders.




• Price Volatility: Frequent price fluctuations in Bitcoin and Ethereum drive active trading and boost transaction revenue.

• Broad Adoption: Their widespread acceptance and integration into financial systems make them highly popular trading choices.

• Strategic Focus: Coinbase capitalizes on the prominence of these cryptocurrencies to optimize its trading revenues.

These factors contribute to Coinbase’s reliance on Bitcoin and Ethereum for a significant portion of its trading income.

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Insight & Summary of Coinbase’s Transaction Revenue By Crypto Assets

Coinbase’s transaction revenue has been a story of extreme cyclicality followed by a meaningful structural shift in composition — from a bitcoin-and-ethereum-dominated business in its early years to one where XRP has emerged as a genuinely significant contributor almost overnight.

• Transaction Revenue as a Share of Total Revenue: A Structural Decline Total Transaction Revenue swung dramatically — from $463 million (2019) to a peak of $6,837 million (2021), then collapsing to $1,520 million (2023) before recovering to $4,055 million (2025). More telling than the absolute swings is Transaction Revenue’s shrinking share of Total Revenue: it represented 85–87% of total revenue in 2019–2021, but fell to just 48.9% by 2023 and has only partially recovered since (56.5% by 2025). This is a genuine structural shift, not just cyclical noise — Coinbase’s business has become meaningfully less dependent on trading-fee revenue over time, even as transaction revenue itself has rebounded in dollar terms.

• Bitcoin and Ethereum: A Long, Steady Decline in Combined Share Bitcoin and Ethereum together represented 71% of transaction revenue mix in 2019 (60% + 11%), but that combined share has eroded steadily and substantially, down to just 39% by 2025 (27% + 12%). Bitcoin’s mix share alone has been notably volatile — swinging from 60% (2019) down to 25% (2021, the peak-volume year when altcoin trading likely surged) before partially recovering to 35% (2023) and settling at 27% (2025). Ethereum’s share has been comparatively more stable but has still drifted down from 22% (2022) to 12% (2025), suggesting a broad-based dilution of the two largest crypto assets’ relative importance to Coinbase’s trading revenue, not something isolated to Bitcoin alone.

• XRP: The Standout New Entrant XRP is the most striking development in this dataset — it didn’t register as a disclosed category at all through 2023, then appeared at 6% of mix ($239 million) in 2024, and nearly doubled its share to 14% of mix ($568 million) by 2025, with 137.4% year-over-year growth. XRP’s 2025 mix share (14%) now exceeds Ethereum’s (12%) — a genuinely notable milestone given Ethereum has been a disclosed, presumably significant category throughout the entire dataset while XRP is brand new. This timing lines up closely with XRP’s own 2025–2026 regulatory clarity (the SEC litigation reaching resolution and major exchanges relisting/expanding XRP trading), suggesting the mix shift reflects a real change in trading activity available to Coinbase, not just a reporting change.

• Other Crypto Assets: The Largest and Most Volatile Category Throughout “Other Crypto Assets” has been the single largest mix category in five of the seven years shown, ranging from 29% (2019) up to 54% (2021) and settling at 47% (2025) — consistently larger than Bitcoin or Ethereum individually. This category also shows the most extreme growth swings in the dataset: +259.2% (2020), +665.6% (2021), then -68.7% (2022) and -36.8% (2023) — a boom-bust pattern that closely tracks the broader “altcoin season” cycles typical of crypto markets, where trading activity in smaller, more speculative assets surges and collapses more violently than in Bitcoin or Ethereum.

• Cross-Metric Comparison Reading growth rates across all four categories together, 2021 and 2024 stand out as the two strongest years for transaction revenue broadly (Total Transaction Revenue growth of 523.8% and 162.3% respectively), while 2022–2023 was a broad-based contraction across every single crypto category with no exceptions — confirming this was a market-wide trading slowdown rather than an asset-specific issue. The 2025 pattern is notably different from every prior year: it’s the first year where Bitcoin, Ethereum, and Other Crypto Assets all posted modest single-digit declines simultaneously (-8.4%, -6.1%, -6.2%) while XRP alone grew explosively (+137.4%) — meaning XRP’s growth was the sole reason Total Transaction Revenue grew at all in 2025 (+1.7%), rather than broad-based strength across categories.

• Structural Takeaway: Coinbase’s transaction revenue mix has undergone two overlapping shifts: a long-run relative decline of Bitcoin and Ethereum’s combined dominance since 2019, and a much more recent, sharp emergence of XRP as a meaningful revenue contributor starting in 2024. Combined with Transaction Revenue’s declining share of Total Revenue, Coinbase’s business increasingly looks like one where trading-fee revenue itself is becoming more diversified across a broader set of crypto assets — while also becoming a smaller piece of the company’s overall revenue picture, presumably as subscription and services revenue (staking, custody, USDC-related income, etc.) has grown to fill the gap.

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

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Total transaction revenue & transaction as % of total revenue

Coinbase’s transaction revenue from cyrpto assets consists of several major streams, including bitcoin and ethereum. The definition of these crypto assets are available here: bitcoin, ethereum, and XRP.

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Transaction revenue mix by crypto assets

Coinbase’s transaction revenue from cyrpto assets consists of several major streams, including bitcoin and ethereum. The definition of these crypto assets are available here: bitcoin, ethereum, and XRP.

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Transaction revenue breakdown by crypto assets

Coinbase’s transaction revenue from cyrpto assets consists of several major streams, including bitcoin and ethereum. The definition of these crypto assets are available here: bitcoin, ethereum, and XRP.

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Transaction revenue growth by crypto assets

Coinbase’s transaction revenue from cyrpto assets consists of several major streams, including bitcoin and ethereum. The definition of these crypto assets are available here: bitcoin, ethereum, and XRP.

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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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