Overview
- Transaction revenue reached $1.0 billion on $295 billion in volume, with retail activity at $59 billion up 37% and institutional volume at $236 billion up 22% quarter over quarter.
- Subscriptions and services rose to $747 million, including $355 million from stablecoin activity as average USDC balances on Coinbase hit a record above $15 billion alongside U.S. policy support.
- The Deribit acquisition contributed about $52 million in revenue as institutional transaction revenue climbed to $135 million, more than doubling from the prior quarter.
- Coinbase said its Base Layer-2 network turned profitable in Q3, reflecting increased onchain usage and higher ether prices despite lower per-transaction fees.
- The company purchased roughly $299 million of bitcoin in Q3, adding 2,772 BTC to bring holdings to about 14,548 BTC, and guided to about $385 million in October transaction revenue with Q4 subscriptions of $710 million to $790 million while cautioning on volatility.