- Coinbase reported a strong Q3 with $1.9 billion in revenue, beating expectations.
- Transaction revenue surpassed $1 billion, driven by institutional flows and high-frequency trading.
- Monthly transacting users rose to 12.6 million, exceeding forecasts and reversing previous decline.
- Coinbase’s Layer-2 chain, Base, recorded positive adjusted EBITDA for the first time.
- The company anticipates Q4 revenue between $2.2 billion and $2.3 billion, supported by trading volumes and stablecoin adoption.
Coinbase announced its third-quarter earnings for 2025, delivering results that exceeded market expectations. The report reveals strong growth in revenue and user activity, signaling robust business performance.
The company posted $1.9 billion in revenue, marking roughly 55% growth compared to last year and surpassing consensus estimates by about $200 million. Net income reached $433 million, a 477% increase year-over-year. Transaction revenue alone topped $1 billion, an 83% rise attributed to increased institutional trading and high-frequency trading.
Coinbase reported 12.6 million monthly transacting users, reversing a decline from the previous quarter and beating analyst predictions. The company’s Base, a Layer-2 blockchain designed to enhance scalability, achieved positive adjusted EBITDA, reflecting operational profitability.
In its shareholder letter, Coinbase stated, “We are accelerating payments through stablecoin adoption, which we anticipate will continue given policy tailwinds, and ongoing adoption from financial institutions and corporates for payment and treasury needs.” The firm expects fourth-quarter revenue between $2.2 billion and $2.3 billion, assuming daily trading volume averages around $300 billion and modest crypto price support.
Additional context highlights that the Q3 surge was driven by heightened volatility in digital assets and strong institutional interest. The expansion of stablecoin use for payments and treasury functions is seen as a key growth factor, supported by favorable regulatory shifts. Coinbase’s continued focus on its Layer-2 Base also contributes meaningful revenue.
This performance positions Coinbase favorably amid increasing participation from major banks and financial institutions entering the crypto market. The company’s crypto-as-a-service offerings could further enhance its appeal in this evolving landscape.
More details on the earnings are available in this report. Additional commentary from CEO Brian Armstrong can be found in his Twitter update.
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