Coinbase has reported a strong third quarter for 2025. Its total revenue reached $1.87 billion, while net income came in at $432.6 million. Diluted earnings per share stood at $1.50. These results topped consensus expectations, according to compiled analyst estimates.
Transaction revenue rose to $1.05 billion. Consumer trading generated $844 million, while institutional trading contributed $135 million. Coinbase said total trading volume reached $295 billion in the quarter. Management pointed to higher activity from advanced traders and a new white-glove service as supporting factors.
The company closed its Deribit deal on August 14. That acquisition added $52 million to institutional revenue in the period and helped broaden options and derivatives capability. Coinbase also noted progress on its “Everything Exchange” roadmap, which aims to provide a unified venue for spot, derivatives, and other trading options.
Coinbase increased its Bitcoin holdings during the quarter. CEO Brian Armstrong stated that the company purchased 2,772 BTC in Q3 and plans to continue making such purchases. He shared the update in a post on X.
The shareholder letter shows Coinbase spent $299 million on Bitcoin through weekly purchases. Several outlets reported that the firm now holds 14,548 BTC, reflecting a larger corporate stash alongside its core exchange operations. Coinbase also framed these crypto assets as additional liquidity resources on top of its US dollar reserves.
Subscription and services revenue climbed to $746.7 million. Stablecoin revenue accounted for $354.7 million, while blockchain rewards contributed $184.6 million. Coinbase reported that assets under custody reached $300 billion, driven by ETF inflows and higher cryptocurrency prices.
Management emphasized the USDC scale and payments utility. During the earnings call, executives stated that average USDC balances on Coinbase products reached $15 billion in Q3 and noted USDC’s market capitalization at a record $74 billion. The company expects subscription and services revenue of $710 million to $790 million in Q4, citing crypto price levels and growth in Coinbase One.
Furthermore, Coinbase guided to October transaction revenue of about $385 million. The company intends to continue developing its derivatives stack and increasing access to more assets, including through DEX integrations. Management has reiterated that derivatives constitute the majority of global crypto trading and are a major growth driver for the platform.
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