Coinbase experienced a strong third quarter, seeing its net income increase fivefold to $432.6 million and total revenue jump 55% to $1.9 billion year-on-year. This growth was largely driven by transaction revenue ($1.05 billion) and a 34.3% rise in subscription revenue ($746.7 million).
The company also significantly increased its Bitcoin (BTC) holdings by 2,772 BTC, bringing its total stash to 14,548 BTC, valued at $1.57 billion. This accumulation, alongside its role in custodying BTC for Wall Street's spot Bitcoin ETFs, underscores its long-term commitment to the asset.
Key Developments
- "Everything Exchange" Progress: Coinbase continued to execute its vision to become an "Everything Exchange" by expanding its spot assets and derivatives offerings. A major part of this strategy is boosting the adoption of Circle's USDC stablecoin, along with plans for tokenized stocks and prediction markets.
- Institutional Dominance: Institutional trading activity dominated, accounting for 80% of the $295 billion trading volume in Q3. The company also reached an all-time high in assets under custody, surpassing $300 billion.
- Ether's Growing Share: Ether (ETH) transaction volume (22%) on the platform nearly matched Bitcoin's (24%) in Q3, a significant increase from previous quarters.
- Base Network Activity: Activity on the Ethereum layer-2 network Base increased across multiple applications, and Coinbase launched Flashblocks for faster block times. CEO Brian Armstrong did not provide updates on a potential Base token launch.
Following the positive Q3 report, COIN shares rose 2.84% in after-hours trading.
October 2025, Cryptoniteuae