Overview
- Coinbase reported $1.9 billion in revenue and $433 million in net income ($1.50 per share), topping Wall Street forecasts.
- Transaction revenue reached about $1 billion on roughly $295 billion of trading volume, with retail activity rising 37% from the prior quarter.
- Subscription and services revenue grew to $747 million, including approximately $355 million from stablecoin-related income and record average USDC balances above $15 billion.
- Institutional momentum included Base turning profitable and Deribit contributing around $52 million, helping lift institutional transaction revenue to $135 million.
- Management guided to October transaction revenue of about $385 million and Q4 subscription revenue of $710 million to $790 million, cautioned on volatility, and said it closed a $3 billion convertible debt raise.