Coinbase Q3 Net Income Soars 475% as Crypto Volatility Fuels Trading Boom
Coinbase reported a revenue surge for the third quarter of 2025, beating Wall Street estimates as swings in cryptocurrency costs boosted buying and selling exercise.
The alternate earned a web earnings of $433 million, up from final yr’s $75.5 million.
Q3 Financial Results
Coinbase shared on Thursday that its whole web income for the quarter ended September 30 climbed to $1.8 billion, pushed by larger buying and selling volumes and progress in institutional providers. Trading quantity reached $295 billion, whereas belongings on the platform totaled $516 billion, together with $300 billion in belongings beneath custody.
On the opposite hand, transaction income jumped to $1.05 billion, in comparison with $572.5 million a yr in the past, as extra merchants took benefit of market volatility. Subscription and providers income additionally rose by 34.3% yr over yr to $747 million. Adjusted web earnings stood at $421 million, and adjusted EBITDA reached $801 million.
The firm posted earnings of $1.50 per share, in comparison with $0.28 in the identical interval final yr. Market analysts from LSEG had projected a revenue of $1.06 per share. After the outcomes have been launched, Coinbase’s inventory gained greater than 3% in after-hours buying and selling.
Digital belongings rallied in July as crypto-friendly insurance policies by U.S. President Donald Trump attracted institutional investor curiosity, sending Bitcoin to new highs. However, weak financial information in August brought on fears of a possible recession, triggering a selloff as traders pulled again from riskier belongings. Crypto exchanges typically profit from such volatility, as extra buying and selling means larger income from transaction charges.
Expanding Market Reach and Stablecoin Growth
Coinbase completed its acquisition of Deribit in Q3, with the 2 recording over $840 billion in notional derivatives buying and selling quantity. The firm additionally launched the primary 24×7 perpetual-style crypto contracts within the U.S..
The agency achieved 90% protection of the entire crypto market capitalization and added help for buying and selling greater than 40,000 belongings by means of its DEX integration whereas additionally reporting all-time highs in institutional mortgage balances and stablecoin utilization. Stablecoin income reached $355 million, up 7% quarter over quarter, whereas the USDC market cap climbed to an all-time high of $74 billion. Additionally, the typical USDC held in its merchandise rose by 9% to $15 billion.
Coinbase can also be increasing its crypto utility, with over $100 million in One Card spending since launch. The platform credited a part of this progress to the GENIUS Act, passed earlier this yr, which established a regulatory framework for stablecoins.
In a letter to shareholders, the agency stated it’s centered on “constructing the the whole lot alternate,” a single platform for all tradable belongings. “Coinbase is cash-rich and growth-ready,” stated David Bartosiak, Stock Strategist at Zacks Investment Research. “The firm isn’t simply buying and selling cash anymore. It’s constructing the spine of the brand new monetary web.”
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