Coinbase Global Inc. delivered a robust performance in the third quarter of 2025, significantly surpassing Wall Street estimates as sharp swings in cryptocurrency prices spurred increased trading activity. The exchange reported a net income of $433 million, a dramatic increase from the $75.5 million recorded in the same quarter last year. This translated to impressive earnings of $1.50 per share, comfortably beating the $1.06 per share consensus projection from LSEG analysts.
The strong financial news was immediately reflected in the market, with Coinbase’s stock gaining over 3% in after-hours trading following the Thursday release of the results.
The company’s financial success was underpinned by total net revenue climbing to $1.8 billion for the quarter ending September 30. This was primarily driven by higher trading volumes, which reached $295 billion, and expansion in institutional services.
Transaction revenue jumped to $1.05 billion, up sharply from $572.5 million a year earlier, directly reflecting the benefit derived from market volatility that encouraged more active trading. Furthermore, the recurring revenue stream from subscriptions and services also saw healthy growth, rising 34.3% year over year to $747 million.
The quarter’s volatile environment—characterized by a market rally in July due to favorable U.S. presidential policies that attracted institutional interest, followed by an August selloff triggered by recession fears—proved highly beneficial to the exchange, as elevated trading activity generates higher transaction fees.
Coinbase continued to execute its strategy of building an “everything exchange,” diversifying its platform beyond simple spot trading. A key strategic milestone was the acquisition of Deribit in Q3, with the combined derivatives trading volume surpassing $840 billion in notional value.
