“Coinbase’s Base network became profitable in Q3 as transaction volume rose and ETH prices climbed, supporting broader gains across trading and services.”, — write: www.coindesk.com
Shares were up 3% in post-market trading.
Transaction revenue, which remains the largest piece of Coinbase’s business, rose to $1 billion, up from $365 million a year ago. Trading volumes reached $295 billion, the company reported, lifted by renewed interest in crypto markets, particularly among retail users, whose trading volume grew 37% from the previous quarter.
Adjusted EBITDA came in at $801 million, up from $512 million in Q3 2024, reflecting a more profitable mix of business and tight control of operating expenses, which fell 9% from the previous quarter. Net income was $433 million.
Coinbase highlighted growth across both its consumer and institutional trading arms. Institutional transaction revenue more than doubled to $135 million, fueled in part by the acquisition of crypto options platform Deribit, which contributed $52 million in revenue following the August close of the deal. Meanwhile, consumer transaction revenue hit $844 million, up 30% from Q2, driven by higher volumes in long-tail assets and a growing base of advanced traders.
“Q3 was a strong quarter for Coinbase,” the company wrote in a letter to shareholders. “We drove solid financial results, maintained focus on shipping innovative products, and continued building the foundation of the Everything Exchange.”
Beyond trading, subscription and services revenue rose 14% quarter-over-quarter to $747 million. Stablecoin-related revenue contributed $355 million of that, as average USDC balances held on Coinbase reached an all-time high of $15 billion, the company indicated. Blockchain rewards revenue also saw a boost, increasing 28% to $185 million as the prices of Ethereum and Solana rallied.
One standout update: Coinbase confirmed its Layer 2 network, Base, is now profitable. Revenue from Base rose in Q3 due to more transactions and a higher ethereum ETH$3,736.88 price, although lower per-transaction fees offset some of the gains. Still, Coinbase said Base’s speed and low costs have made it the “trusted network of choice” for developers and enterprises building onchain.
The exchange also closed the quarter with $11.9 billion in USD resources, bolstered by a $3 billion convertible debt raise and rising cash from operations.
Coinbase warned investors not to extrapolate current results, citing the inherent volatility in crypto markets, but said it expects October transaction revenue to land around $385 million and Q4 subscription revenue between $710 million and $790 million.
Stablecoin payment volumes have grown to $19.4B year-to-date in 2025. OwlTing aims to capture this market by developing payment infrastructure that processes transactions in seconds for fractions of a cent.
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Heavier trading met a late rebound after a breakdown, narrowing the range and putting nearby checkpoints back in focus.
- A breakdown at resistance was followed by a late rebound that challenged the bearish tone and tightened the trading range.
- Participation ran above trend, with the heaviest activity during the breakdown and measured buying on the recovery.
- Macro remained cautious and Ethereum’s ‘Fusaka’ upgrade was scheduled for Dec. 3, but the near-term map remains driven by technical signals.
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