A new independent analysis conducted by Superfly Insights estimates that nearly half of Coinbase’s $1 bln revenue in 2017 was made in December alone. As of Sep. 30 2017, Coinbase was expecting to bring in about $600 mln in revenue. However, the surge in Bitcoin that occurred in late November/early December brought high volumes of traffic to the Coinbase exchange. The New York Times reported that Coinbase was receiving eight times as much user traffic in December than they were in June. That being said, Coinbase makes their money off transaction fees, and it is estimated that 43 percent of Coinbase’s total revenue came in December.