Coinbase Q3 financial report: net income of $433 million, total revenue of $1.9 billion, increased holdings of $299 million in Bitcoin

ChainCatcher news, according to Forbes, cryptocurrency exchange Coinbase reported a net income of $433 million in the third quarter. Total revenue increased by 25% quarter-over-quarter to $1.9 billion. During this quarter, Coinbase increased its Bitcoin holdings by $299 million through weekly purchases, currently holding 14,548 Bitcoins. As of September 30, the fair market value of its held crypto assets for investment reached $2.6 billion (of which $1.6 billion is Bitcoin), with another $1 billion in crypto assets held as collateral.

Including crypto assets, Coinbase's total available resources amount to $15.5 billion. The trading revenue for the quarter was $1 billion, which, although a 37% increase from the previous quarter, is still far below the levels seen at the beginning of the year. In the fourth quarter of 2024, Coinbase's trading revenue reached $1.6 billion, while in the first quarter of 2025, it was $1.3 billion. This trend indicates that despite the rise in Bitcoin prices and increased market activity, trading volumes have not yet reached the levels needed for Coinbase to significantly boost its revenue.

Retail investor trading volume reached $59 billion, a 37% increase quarter-over-quarter, outperforming the U.S. spot market. Retail investor trading revenue rose to $844 million, a 30% increase. Institutional investor trading volume reached $236 billion, a 22% increase quarter-over-quarter, with trading revenue of $135 million, a 122% increase. Just 47 days after Coinbase's acquisition of Deribit, Deribit contributed $52 million in revenue to Coinbase.

Subscription and services revenue for the quarter reached $747 million, a 14% increase quarter-over-quarter. Among this, stablecoin revenue increased to $355 million, a 7% increase. The average balance of USDC held in Coinbase products grew by 9% to $15 billion, while the USDC balance outside the platform grew by 12% to $53 billion. Additionally, according to Bloomberg, Coinbase CEO Brian Armstrong stated during a conference call that Coinbase plans to hold a product showcase on December 17, where more details about tokenized stocks and prediction markets will be announced. The company will continue to focus on acquisition opportunities, particularly in the trading and payments sectors.