Coinbase's revenue in Q1 2024 totaled $1.45 billion, chiefly driven by a 103% QoQ increase in transaction revenue, which reached $1.1 billion due to heightened volatility in the cryptocurrency market. The subscription and services revenue rose by 36% QoQ to $511 million, attributed to growing demand for blockchain rewards as crypto prices climbed, particularly Ethereum, which surged by 60% compared to the previous quarter. The operating expenses increased nominally by 5% QoQ, demonstrating effective cost management amid scaling operations. The adjusted EBITDA surged to $1 billion, indicating solid operational profitability, markedly outperforming the entirety of 2023. Furthermore, cash reserves increased to $11.7 billion, ensuring robust liquidity for future operations and strategic developments.