Coinbase Reports Q3 2025 Earnings

Coinbase (Nasdaq: COIN) announced earnings for the third quarter of 2025 on Thursday after the bell. The crypto exchange met Wall Street's expectations for $1.8B in revenue, and delivered an earnings beat with $1.50 in EPS against expectations for ~$1.17.

What's the Scoop?

• Mixed Day: COIN traded down throughout Thursday in sympathy with broader crypto and stock market weakness, closing 5.8% down on the day. Traders appeared optimistic post-earnings, however, with the shares rallying nearly 3% in after hours.
• Custody Growth: Coinbase had inflows across many product lines in Q3, driving all-time highs in average USDC balances, average instructional loan balances, and assets under custody. Coinbase ended Q3 with $516B in assets on platform, ranking it top 10 among the largest banks in the United States.
• Revenue Growth: Coinbase Q3 consumer trading revenues were $844M (up 30% Q/Q), institutional transaction revenues were $135M (up 122% Q/Q), subscription and services revenues were $747M (up 14% Q/Q), and staking revenues were $185M (up 28% Q/Q).
• Derivatives Growth: The Deribit acquisition, which closed on August 14, contributed $52M of revenue to Coinbase's Q3 institutional revenues. Coinbase remains keen on scaling its derivatives business internationally, considering the sizable volumes observed in overseas crypto derivatives markets.

Bankless Take:

Coinbase has long been a cornerstone of U.S. crypto markets, serving as a trusted exchange, payments merchant, and infrastructure operator. The company sees itself as "building for every step" of the crypto adoption cycle (trading, financial services, and rich app ecosystems).

While Coinbase's shareholder letter was chocked full of optimistic growth anecdotes from Q3, the stock market appears conflicted on this story. COIN closed out Thursday at virtually the same price it was at in early July.