Coinbase Q3 earnings reached $1.793 billion in revenue for the third quarter of 2025, and this marks a 25% increase from Q2. The crypto exchange’s performance was actually driven by explosive crypto trading volume of $295 billion, along with rising Bitcoin price trends, surging institutional demand, and also record stablecoin revenue of $355 million.
Coinbase Q3 Earnings Surge on Bitcoin Price and Trading Volume
Record Trading Volume Powers Growth
Coinbase Q3 earnings benefited from a massive spike in crypto trading volume, which actually hit $295 billion across both retail and institutional clients right now. Transaction revenue was reported to have jumped 37% to reach $1.0 billion, and subscription revenue climbed to $747 million as well.
CEO Brian Armstrong stated:
“Q3 was a strong quarter for Coinbase. We drove solid financial results, maintained focus on shipping innovative products, and continued building the foundation of the Everything Exchange.”
Institutional demand played a key role in the quarter’s success, actually. Institutional trading volume was increased by 22% to $236 billion, and the company’s acquisition of Deribit also added $52 million in revenue.
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Stablecoin Revenue Hits Record Highs
Stablecoin revenue surged 79% to $355 million, with USDC market cap reaching an all-time high of $74 billion at the time of writing. The company’s USDC resources totaled $11.893 billion, and this includes $7.042 billion in money market funds.
Armstrong emphasized:
“The ‘everything exchange’ is really central to the next chapter of what we’re building. Now we’ve been heads down working on the next pieces of that, because we think that every asset class is going to come on chain, and our customers are asking for this, too.”
For Q4 2025, Coinbase expects revenue between $710-$790 million. Adjusted EBITDA reached $801 million in Q3, up from $512 million in Q2. Bitcoin price movements were seen to have played a role in driving activity during the quarter.
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