Coinbase (COIN) posted a stronger-than-expected third quarter, pushed by a surge in buying and selling exercise, a rebound in asset costs and continued progress in its subscription and companies enterprise. The U.S.-based trade reported complete income of $1.9 billion, a 58% bounce from $1.2 billion in the identical interval final yr and better than the $1.8 billion anticipated by FactSet analysts.
Shares have been up 1.5% in post-market buying and selling, although the trade warned traders to not make future assumptions about present outcomes, citing the inherent volatility in crypto markets. Coinbase stated it expects October transaction income to land round $385 million and This fall subscription income between $710 million and $790 million.
Transaction income, which stays the biggest piece of Coinbase’s enterprise, rose to $1 billion, up from $573 million a yr in the past. Buying and selling volumes reached $295 billion, the corporate reported, lifted by renewed curiosity in crypto markets, notably amongst retail customers, whose buying and selling quantity grew 37% from the earlier quarter.
Adjusted EBITDA got here in at $801 million, up from $449 million in Q3 2024, reflecting a extra worthwhile mixture of enterprise and tight management of working bills, which fell 9% from the earlier quarter. Web revenue was $433 million.
Coinbase highlighted progress throughout each its shopper and institutional buying and selling arms. Institutional transaction income greater than doubled to $135 million, fueled partially by the acquisition of crypto choices platform Deribit, which contributed $52 million in income following the August shut of the deal. In the meantime, shopper transaction income hit $844 million, up 30% from Q2, pushed by larger volumes in long-tail belongings and a rising base of superior merchants.
“Q3 was a robust quarter for Coinbase,” the corporate wrote in a letter to shareholders. “We drove strong monetary outcomes, maintained deal with delivery progressive merchandise, and continued constructing the inspiration of the Every thing Alternate.”
Past buying and selling, subscription and companies income rose 14% quarter-over-quarter to $747 million. Stablecoin-related income contributed $355 million of that, as common USDC balances held on Coinbase reached an document excessive of greater than $15 billion, the corporate indicated. Blockchain rewards income additionally noticed a lift, rising 28% to $185 million as the costs of ether and solana rallied.
One standout replace: Coinbase confirmed its Layer 2 community, Base, is now worthwhile. Income from Base rose in Q3 as a result of extra transactions and a better ethereum worth, although decrease per-transaction charges offset a few of the positive aspects. Nonetheless, Coinbase stated Base’s pace and low prices have made it the “trusted community of selection” for builders and enterprises constructing onchain.
The trade additionally closed the quarter with $11.9 billion in USD sources, bolstered by a $3 billion convertible debt elevate and rising money from operations.
UPDATE (October 30, 2025, 20:51 UTC): Provides particulars from the Coinbase letter.
