Coinbase deposits surge on new customer growth in 2025

Coinbase deposits surged post-election

Deposits onto crypto exchange Coinbase (COIN) surged 197% YoY in November according to Earnest ACH, debit and credit card data. The acceleration from +39% YoY largely came after the US election, with the promise of a more crypto-friendly administration. 

Coinbase deposits broadly rose in 2024, in line with cryptocurrency values. Early in 2024 major brokerages like Fidelity purchased Bitcoin to support new ETF offerings. Further SEC actions to regulate crypto also corresponded to large increases in deposits.

Coinbase was one of the biggest benefactors of the surge in dollars onto crypto exchanges. The company has become a market leader in the US crypto exchange space, offering a user-friendly interface and a wide range of supported digital currencies. It has also benefited from consolidation in the space, especially FTX’s collapse.

New customers flock to Coinbase platforms

Deposit growth remains elevated compared to pre-election levels, but decelerated in December. The recent deceleration in new deposits onto the platform hides its underlying rise in popularity. Most activity on the platform was driven by existing customers in 2024, but most of the growth came from new customers. There was a 123% increase in the number of existing customers making deposits in November. That number fell only slightly to 112% in December.

Meanwhile, new customers increased over 700% in November and over 475% in December. New customers accounted for 5% of all deposits in December 2024, up from 2% in December 2023 (see chart in Dash).

Existing Coinbase customers make the largest deposits

Existing customers tend to make larger deposits onto Coinbase than new ones as they add to their positions. Average existing customers deposited $1,191 onto the platform in November 2024, up 30% YoY. New customers deposited $345 on average, down 17% YoY. This implies that new customers are entering the crypto market with smaller initial bets, though they may later increase those bets.

Coinbase continues to show strength headed into 2025, as the federal government launches a crypto task force. The initiative aims to clarify and improve regulations for the industry, which could further improve consumers’ trust in cryptocurrencies.