Coinbase reported Q3 2025 earnings, posting revenue of $1.87 billion, a 55% year‑over‑year increase from $1.21 billion in Q3 2024. Net income reached $432.6 million, translating to earnings per share of $1.50, which beat the consensus estimate of $1.10 per share.
Consumer trading volume rose 37% to $59 billion, while institutional trading volume increased 22% to $236 billion. Institutional transaction revenue grew 122% year‑over‑year, reflecting the expanded activity on the platform.
Subscription and services revenue grew 34.3% year‑over‑year to $746.7 million, up 14% quarter‑over‑quarter to $747 million. The segment includes $355 million in stablecoin revenue and $185 million in blockchain rewards, including staking income.
The Deribit acquisition, closed on August 14 2025 for approximately $2.9 billion, contributed $52 million in revenue to the quarter and expands Coinbase’s derivatives offering. The company’s Base Layer‑2 network continues to scale, supporting Ethereum‑based applications.
Free cash flow was negative $784.5 million, reflecting significant investment in technology and infrastructure. Coinbase also purchased $299 million of Bitcoin during the quarter, increasing its holdings to 14,548 BTC.
Management highlighted that the strong performance was driven by Bitcoin’s all‑time highs, heightened market volatility, and a supportive regulatory environment, which together spurred higher trading volumes and subscription usage.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.