Overview
- Revenue reached about $1.9 billion with net income of roughly $433 million, as transaction revenue hit $1.0 billion on $295 billion in trading volume.
- In subscription and services, revenue rose to $747 million, including about $355 million tied to stablecoins as average USDC balances on-platform set a record above $15 billion.
- Coinbase said its Ethereum layer-2 network, Base, became profitable in Q3, reflecting higher transaction activity and the lift from ether’s price.
- The August Deribit acquisition contributed about $52 million to Q3 revenue, helping push institutional transaction revenue to $135 million while consumer transaction revenue totaled $844 million.
- The company guided October transaction revenue to roughly $385 million and projected Q4 subscription revenue of $710 million to $790 million, as analysts split on long-term scalability with price targets ranging from about $266 to $510.