Coinbase reported significant growth in its financial performance in the fourth quarter of 2023, demonstrating a 41% increase in revenue to $954 million. This growth was accompanied by a net profit of $273 million, significantly exceeding analysts' expectations. The main driver of the growth was the increase in trading volumes, which reached $154 billion, with the majority being institutional investments. The company also noted an increase in transaction revenues to $529 million for the quarter, which is 83% higher compared to the previous period.

In addition to this, Coinbase reported a significant increase in subscription and service revenues, which grew to $375 million in the fourth quarter, a 12% increase over the previous quarter. These revenues include fees from stablecoins, commissions, network usage rewards, and interest income.

The second-layer network Base, launched by Coinbase, also showed significant growth, with a total value locked (TVL) exceeding $421 million. This underscores the rapid development and expansion of the ecosystem since its launch in August 2023.

At the end of the year, Coinbase's shares demonstrated significant growth, increasing by over 300% and reaching a 20-month high, reflecting investors' confidence in the company's strategy and prospects in the cryptocurrency market.