Coinbase reported $1.9 billion in Q3 revenue, beating Wall Street expectations and marking a 58% year-over-year surge. Earnings per share hit $1.50, topping forecasts of $1.10, while net income came in at $433 million, down from last quarter’s $1.4 billion but well above last year’s $75 million.
Boosted by strong crypto markets, Coinbase saw transaction revenue climb to $1 billion, up from $764 million in Q2. The exchange also added 2,772 BTC to its corporate treasury, one of its biggest quarterly Bitcoin buys.
Beyond trading, Coinbase’s diversification strategy is paying off. The company earned $355 million from stablecoin reserves, mostly USDC interest, and $185 million from staking rewards.
Its Ethereum Layer-2 network, Base, continues to grow rapidly, now leading all L2s in stablecoin volume with $4.6 billion in circulation. JPMorgan estimates Base could generate $12–34 billion in value if a token launch proceeds.
Shares climbed 2% to $341, extending Coinbase’s 33% year-to-date rally. The firm also applied for a national bank trust charter, positioning itself alongside Circle and Ripple in regulated banking.
CEO Brian Armstrong said the results reflect Coinbase’s evolution from a trading platform to a “comprehensive crypto economy leader.”
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