Coinbase (COIN) exceeded strong expectations for its fourth-quarter performance, reporting a significant 138% year-over-year revenue increase.

The top U.S. cryptocurrency exchange announced a fourth-quarter revenue of $2.27 billion, far surpassing the consensus estimate of $1.84 billion and up from $1.26 billion just three months earlier.

Trading volume during the quarter reached $439 billion, marking an increase of 185% compared to the same period last year. Transaction revenue for the quarter was $1.56 billion, a rise of 194% year over year.

“Crypto’s voice was heard loud and clear in the U.S. elections, and the era of regulation via enforcement that crippled our industry in the U.S. is on its way out,” said CEO Brian Armstrong in his shareholder letter. “Our goals in 2025 are to drive revenue, drive utility, and scale our foundations.”

In after-hours trading, shares of Coinbase saw a modest increase, having already surged 8.5% during the regular session earlier in the day following an impressive report from Robinhood about its crypto results for the fourth quarter.

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