• Coinbase Global average gross margin for 2023 was 85.6%, a 6.43% increase from 2022.
• Coinbase Global average gross margin for 2022 was 80.43%, a 6.73% increase from 2021.
• Coinbase Global average gross margin for 2021 was 86.23%, a 3.58% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.