Overview
- Transaction revenue reached roughly $1.0 billion on about $295 billion in trading volume, with retail activity at $59 billion.
- Institutional transaction revenue climbed to $135 million after the Deribit deal, which contributed about $52 million, as institutional volumes rose to $236 billion.
- Subscription and services revenue rose to about $747 million, including roughly $355 million from stablecoin operations as average USDC balances on Coinbase topped $15 billion.
- Coinbase said its Base layer-2 network turned profitable in the quarter, reflecting higher onchain activity and stronger ETH prices.
- The company purchased 2,772 BTC (about $299 million) in Q3 to reach 14,548 BTC, and CEO Brian Armstrong signaled continued buying; management also flagged October transaction revenue of about $385 million and guided Q4 subscription revenue to $710–$790 million.