Coinbase released its financial results in Q1 2023, reporting a net revenue of $736 million, growing 22% Q/Q ($605 million in Q4 2022). The total operating expenses declined 24% Q/Q to $896 million. Adjusted EBITDA was $284 million.
In addition, the quarterly volume traded on Coinbase hit $145 billion. Assets on the platform were $130 billion, up 62% Q/Q.
In the letter to shareholders, Coinbase said,
"There is no doubt Coinbase is in a stronger business position as a result of these efforts. We say this irrespective of the Wells Notice we recently received from the SEC. We see this as an opportunity to continue pushing for a clear rule book in the US for crypto regulations. The US can't afford to fall behind on this important technology that can update the financial system and keep 1 million jobs in America. We are heartened to see the continuation of broad bi-partisan support for crypto legislation and will continue to advocate for rules for our industry."