Coinbase (Nasdaq: COIN) ended the third quarter of 2025 with $1.50 in earnings per share, beating Wall Street’s expectation of $1.05 by 45 per cent. The crypto exchange’s quarterly revenue came in at $1.86 billion, higher than the estimated $1.8 billion.
Revenue for the company between July and September jumped by 25 per cent compared with the previous quarter.
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A Boost in Trading Activities
Transaction revenue at $1 billion dominated the total figure, along with subscription and services revenue of $747 million. The exchange further earned $355 million in stablecoin revenue.
Revenue was particularly fuelled by an increase in trading volume, which rose 38 per cent quarter-over-quarter. Spot volume in the US alone also jumped 29 per cent.
The net income of the San Francisco-based crypto giant for the three months came in at $433 million, with an adjusted EBITDA of $801 million.
“It was another great quarter for Coinbase,” Coinbase’s Co-founder and CEO, Brian Armstrong, said in the earnings call. “Financially, Coinbase’s core business is incredibly strong, and we’re very well positioned for the opportunities ahead of us.”
Long-Term Investments Paid Off
The exchange also has a strong balance sheet and investment portfolio. It ended the quarter with $11.9 billion in USD resources and another $2.6 billion in long-term crypto investments. Its Bitcoin-only investment portfolio also grew by $299 million.
The company now holds total assets of over $31 billion and liabilities exceeding $15 billion.
Meanwhile, Coinbase is expanding its market presence, both in terms of products and geographies, with new investments. It recently agreed to acquire Echo in a $375 million deal, along with another investment in Indian crypto exchange CoinDCX. Additionally, it has completed the acquisition of Deribit, a major crypto options venue.
“Deribit is already the market leader in options,” said Coinbase’s CFO, Alesia Haas. “They have over 75 per cent market share for options. Notably, this is all non-US, and so there are paths to grow the market for options in the US.”
This article was written by Arnab Shome at www.financemagnates.com.
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