Coinbase Reports $1.9 Billion in Q3 Revenue, Adds 2,772 BTC to Holdings

Highlights:

• Coinbase earned $1.9 billion in Q3, 26% higher than the previous quarter’s revenue.
• Transaction revenue increased 37% from last quarter, with total trading volume reaching $295 billion.
• Bitcoin holdings rose to 14,458 BTC, worth $1.6 billion, which ranks Coinbase among the top ten.

Coinbase reported $1.9 billion in revenue for the third quarter on Thursday. This is 26% higher than the previous quarter. The rise came as crypto trading and stablecoin activity increased. Net profit was $433 million, or $1.50 per share. Analysts expected $1.10 per share on $1.8 billion in revenue. The profit fell from $1.4 billion in Q2 due to non-cash adjustments in Circle and other crypto holdings. Shares of Coinbase jumped over 4% in after-hours trading to $341. The stock is up about 33% this year, after reaching $440 in July.

Our Q3 2025 financial results are now live. pic.twitter.com/FyukJgfDsj

— Coinbase 🛡️ (@coinbase) October 30, 2025

Trading Activity Drives Growth

Transaction revenue climbed to $1.0 billion. This is 37% more than the prior quarter and 83% higher than last year. Total trading volume reached $295 billion. Institutional trading grew 22% to $236 billion. The August acquisition of Deribit, the largest crypto options exchange, helped. Deribit contributed $52 million to Q3 revenue as Coinbase expanded derivatives trading in the U.S.

Retail activity also rebounded. Consumer volumes rose 37% to $59 billion. New listings and decentralized exchange integrations encouraged advanced traders. Coinbase now supports trading for about 90% of all crypto assets by market value.

Subscriptions and Blockchain Revenue

Subscription and services revenue also increased 14% compared with the prior quarter, totaling $747 million. Stablecoin revenue, mainly from USDC, rose to $355 million, 43% higher than last year. Average USDC balances on Coinbase reached $15 billion, supported by new institutional reward programs.

Blockchain rewards, including staking income, increased 28% to $185 million. Higher Ethereum and Solana prices contributed. Custodial fees and interest income also reached new highs as total assets on the platform hit $516 billion. 

Coinbase Strengthens Bitcoin Holdings

Coinbase continues building its “Everything Exchange.” The platform combines spot trading, derivatives, and on-chain services under one roof. Coinbase purchased nearly $300 million in Bitcoin during Q3. CEO Brian Armstrong confirmed on X, “Coinbase is long Bitcoin. Our holdings increased by 2,772 BTC in Q3. And we keep buying more.” The company now holds 14,458 BTC, valued at $1.6 billion. This places Coinbase back among the top 10 largest corporate Bitcoin holders, according to BitcoinTreasuries.net.

Coinbase is long bitcoin.

Our holding increased by 2,772 BTC in Q3. And we keep buying more.

— Brian Armstrong (@brian_armstrong) October 30, 2025

The exchange is continuing work on Base, its Ethereum layer-2 network. Base leads in stablecoin adoption and holds $4.6 billion in dollar-pegged assets. Armstrong said Coinbase is expanding payments by growing stablecoin use and creating the foundation for the future financial system.

For the fourth quarter, Coinbase expects subscription and services revenue to range from $710 million to $790 million. Growth in USDC and Coinbase One subscribers will support this, though lower interest rates may limit gains. October transaction revenue reached about $385 million, but the company warned that short-term results may vary.

Armstrong said that payments could become the next major use for crypto. He added that Coinbase seems prepared with USDC, new partnerships, in-app payments, and the Coinbase One Card.

Payments are clearly the next big use case for crypto, and Coinbase is well positioned for this with USDC, new partnerships, @CoinbaseBiz, @base, in-app payments, and our new Coinbase One Card. pic.twitter.com/rpac2hVDNd

— Brian Armstrong (@brian_armstrong) October 31, 2025