Stocks in the cryptocurrency exchange were in correction territory in pre-market trading after surging by nearly 9% in the previous session.

Coinbase’s (COIN) total revenue for Q4 reached $2.27bn, marking an 88% increase from the previous quarter and surpassing the analyst consensus of $1.87bn.

Transaction revenue, which constitutes the bulk of Coinbase’s (COIN) earnings, surged 172% quarter-over-quarter to $1.6bn.

Meanwhile, subscription and services revenue grew 15%, reaching $641m, buoyed by the increase in crypto asset prices and growth in staking, custody, and USDC assets.

For the quarter, Coinbase (COIN) reported a net income of $1.3bn, which included $476m in pre-tax gains from its crypto asset investment portfolio.

“2024 was a strong year for crypto and for Coinbase (COIN) – our revenue more than doubled to $6.6bn, net income was $2.6bn, and we generated $3.3bn of adjusted Ebitda,” said Coinbase CEO Brian Armstrong.