Coinbase Tops Expectations as Transaction Revenue Hits $1B

Why It Matters

The results underscore a broad revival in crypto trading and validate Coinbase’s strategy of diversifying revenue streams and monetizing its infrastructure, bolstering confidence in the sector’s profitability and growth potential.

Summary

Coinbase reported Q3 2025 revenue of $1.9 billion, a 58% year‑over‑year increase, driven by transaction revenue that more than doubled to $1 billion and adjusted EBITDA of $801 million. Trading volume hit $295 billion, with retail volume up 37% and institutional revenue more than doubling after the Deribit acquisition. Subscription and services revenue rose 14% to $747 million, helped by record USDC balances of over $15 billion, while the company’s Layer 2 network Base turned profitable. The firm closed the quarter with $11.9 billion in cash and liquid resources.