Overview
- Coinbase reported $1.9 billion in revenue and $433 million in net income ($1.50 EPS), with $1.0 billion in transaction revenue on $295 billion of trading volume; shares rose after hours.
- Subscription and services revenue reached $747 million, including $355 million from stablecoins as average USDC balances on the platform topped $15 billion.
- Coinbase said its Base layer‑2 network turned profitable in Q3, reflecting progress toward its broader Everything Exchange strategy, and it added about $299 million of bitcoin to treasury.
- Institutional business strengthened, with transaction revenue at $135 million and Deribit contributing about $52 million after the August close; institutional volumes rose to $236 billion.
- Management guided to roughly $385 million in October transaction revenue and $710 million–$790 million in Q4 subscription revenue, warning that volatility and non‑cash items can sway results.