Coinbase Tops Expectations as Transaction Revenue Hits $1B

Coinbase experienced a robust third quarter, reporting total revenue of $1.9 billion, a 58% increase year-over-year. The surge was propelled by heightened trading activity and a resurgence in asset prices, with transaction revenue exceeding $1 billion, up from $365 million a year prior. Adjusted EBITDA reached $801 million, driven by improved operational efficiency and a favorable business mix. Notably, institutional transaction revenue more than doubled to $135 million, aided by the acquisition of the Deribit crypto options platform. The consumer segment also thrived, with transaction revenue soaring to $844 million. Furthermore, Coinbase's Layer 2 blockchain, Base, achieved profitability due to increased usage and higher Ethereum prices. Subscription and services revenue rose to $747 million, showcasing diverse growth avenues. The company anticipates transaction revenue of around $385 million for October, while Q4 subscription revenue is projected between $710 to $790 million.

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