Coinbase Crushes Q3 Forecasts as Crypto Trading Booms

Revenues are up as Coinbase continues to build towards becoming the “Everything Exchange.” Coinbase Global, Inc. (NASDAQ: COIN) reported third-quarter financial results that surpassed Wall Street forecasts, a performance directly attributable to increased cryptocurrency trading activity across consumer and institutional segments on the platform. Coinbase outpaces Wall Street forecasts On October 30, the company released its quarterly earnings. Coinbase recorded $1.50 in earnings per share (EPS). Analysts had anticipated revenue of $1.8 billion, but Coinbase came out slightly above that figure with revenue of $1.9 billion. The company’s stock price rose 3% in pre-market trading following the report. This brings its year-to-date gain to 33%. * Coinbase’s stock is up 3% in pre-market trading. Source: TradingView data Q3 2025 Financial & Operational Highlights MetricValue (Q3 2025)NotesTotal Revenue$1.87 billionIncludes net revenue and other revenue.Net Revenue$1.79 billionFrom consolidated financial statements.Transaction Revenue$1.05 billionRevenue from consumer and institutional trading activity.Subscription & Services Revenue$746.7 millionIncludes stablecoin revenue, interest income, and blockchain rewards.Trading Volume (Total Spot)$295 billionUp roughly 24% quarter-over-quarter.Assets on Platform (AOP)$516 billionTotal crypto and fiat held or managed by Coinbase.Adjusted EBITDA$801 millionNon-GAAP operating performance measure.Net Income$433 millionGAAP net income for the quarter. The exchange also reported that it now holds 14,548 Bitcoin (BTC) in its corporate treasury, valued at $1.57 billion. Coinbase is currently the 9th largest institutional BTC holder, just two places ahead of auto giant Tesla (NASDAQ: TSLA). Coinbase bets on diversification with derivatives, rebranding Coinbase is now looking to continue with its “Everything Exchange” strategy, which it hopes will expand its operations and establish additional income streams.  Unveiled back in September, the “Everything Exchange” vision aims to diversify Coinbase’s structure and reduce the exchange’s reliance on service fees for revenue.  Recent initiatives include: Entry into Derivatives: The company launched “Mag7 + Crypto Equity Index Futures,” a product providing exposure to major technology stocks and certain digital asset ETFs. This move into derivatives was supported by the acquisition of the Deribit platform in May for $2.9 billion. Platform Rebranding: The Coinbase Wallet has been rebranded to “Base,” an integrated platform that combines a cryptocurrency wallet with social media, messaging, and payment functions. These developments indicate a structured effort to expand the company’s service offerings and reduce its reliance on trading fees.