Coinbase Tops Expectations as Transaction Revenue Hits $1B

Coinbase reported stronger-than-expected Q3 results, with total revenue reaching $1.9 billion, a 58% increase from the previous year, largely driven by a surge in trading activity and asset prices. Transaction revenue alone more than doubled to $1 billion, alongside adjusted EBITDA of $801 million and net income of $433 million. Trading volumes hit $295 billion, helped by a 37% rise in retail trading volume. Both consumer and institutional segments saw growth, with institutional revenue climbing over 100% to $135 million, partially due to the acquisition of Deribit. Subscription and services revenue also rose to $747 million, driven by stablecoin-related revenue, which topped $355 million. Furthermore, Coinbase's Layer 2 blockchain, Base, became profitable in Q3, supported by increased transactions and rising Ethereum prices, despite lower per-transaction fees.

Source 🔗