Crypto Giant Coinbase Beats NASDAQ, HKEX in Revenue: What’s Next?

In a recent post on X (formerly Twitter), crypto analyst Jamie Coutts shared an intriguing revelation: Coinbase has surpassed NASDAQ and the Hong Kong Stock Exchange (HKEX) in transaction revenue, showcasing the rising dominance of cryptocurrency exchanges.

Breaking Down the Numbers

Coutts reported that Coinbase achieved $5.75 billion in transaction revenue over the past 12 months, outpacing NASDAQ’s $4.54 billion and HKEX’s $2.67 billion. Additionally, Coinbase outperformed Brazil’s Bolsa Balcão, which recorded $1.81 billion.

However, it’s important to note that transaction fees differ significantly between platforms, such as fees for buying stocks versus cryptocurrencies like Bitcoin. According to Coutts, global transaction revenues from major crypto, stock, and commodity exchanges amounted to $51.27 billion in the same period.

Traditional Giants Still Lead

Despite Coinbase’s strong performance, traditional financial powerhouses retain their lead in overall transaction revenue. The London Stock Exchange (LSE) topped the list with $10.82 billion, followed by the Intercontinental Exchange (ICE)—operator of the New York Stock Exchange (NYSE)—with $9.16 billion.

A Promising Future Ahead

Mouloukou Sanoh, CEO of MANSA Finance, emphasized that Coinbase’s high transaction revenue stems from elevated fees rather than trading volume.

“Coinbase is still significantly lower in terms of volume than all the exchanges listed in Coutts’ data. But because they charge higher fees, that’s where they have higher transaction revenue,” he said.

A Long Way To Go

“I feel like over the next 10 to 20 years is when we will see crypto exchanges completely flip traditional markets, but it’s still going to take a long time,” he noted. “But I would not be surprised if, at some point after the turn of the decade, Coinbase is the largest global exchange, both by volume and by trading revenue.”

Sanoh also pointed out Coinbase’s potential for growth beyond the U.S. While Coinbase has a strong foothold domestically, its global presence has been limited. With anticipated regulatory shifts, Coinbase might target markets in Latin America, Africa, and Europe, driving future revenue and trading volume growth.

Currently, Coinbase’s 24-hour trading volume of $10 billion pales in comparison to NASDAQ’s $445 billion. Nonetheless, cryptocurrency exchanges are expanding rapidly. Centralized and decentralized exchanges (CEXs and DEXs) are growing 2.5 to 4 times faster than traditional finance (TradFi) counterparts.

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Trends to Watch in 2025

Coutts highlighted key developments that could redefine the financial sector by 2025:

• TradFi-Crypto Convergence: Traditional institutions may acquire CEXs or incorporate crypto services.
• CEX Listings on TradFi Exchanges: Centralized exchanges might pursue public listings and develop DEX platforms.
• Tokenization of Real-World Assets (RWA): This trend could significantly boost valuations across the sector.
• DeFi Expansion: Decentralized finance could grow 4-5 times, with some protocols outperforming major cryptocurrencies.

Despite regulatory challenges, the crypto sector seems poised for significant growth and reevaluation. Coutts suggested that if valued like Coinbase, the CEX market could achieve a $749 billion market cap, surpassing TradFi’s $610 billion.

As adoption and innovation accelerate, the next decade could bring transformative changes to both traditional and crypto markets, potentially positioning Coinbase as a dominant force in global finance.