Coinbase (COIN) topped already strong estimates for fourth quarter results, posting a 138% year-over-year gain in revenue amid the major bull move in crypto surrounding the November election of Donald Trump.

The leading U.S. crypto exchange posted fourth quarter revenue of $$2.27 billion against consensus $1.84 billion and $1.26 billion three months prior.

Adjusted earnings for the three months of of $1.3 billion topped consensus of $906.9 million.

Trading volume in the fourth quarter was $439 billion, up 185% from the year-ago level. Transaction revenue of $1.56 billion was higher by 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.»

Shares of Coinbase are up just modestly in after-hours trading, but the stock already rallied 8.5% during the regular session today following blowout fourth quarter crypto results from Robinhood on Wednesday.

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