TL;DR
- Coinbase reported $1.9B in revenue in Q3, up 58% year-over-year, surpassing Wall Street estimates.
- The company purchased 2,772 BTC and generated $355M from USDC interest and blockchain rewards, reducing its reliance on transaction fees.
- Base, its Layer 2 network, leads in stablecoin usage with $4.6B.
Coinbase reported $1.9B in revenue for Q3 2025, a 58% year-over-year increase, exceeding Wall Street expectations.
Net income reached $433M, with earnings per share of $1.50, compared to the $1.10 forecast. The company highlighted that quarterly revenue comfortably surpassed the $1.8B analysts had predicted.
Higher Activity and Reserve Strengthening
The growth was largely driven by user activity following Bitcoin and Ethereum hitting all-time highs, which boosted transaction volume on the platform. Coinbase recorded $1B in transaction revenue, up from $764M in the previous quarter and $573M in the same period of 2024. This figure includes both retail and institutional activity.
During the quarter, Coinbase increased its Bitcoin reserves by 2,772 BTC, one of the largest quarterly purchases in the company’s history. CEO Brian Armstrong confirmed the acquisition but did not specify the exact timing. This reserve expansion is aimed at strengthening the company’s position against market volatility.
The exchange also reported rising stablecoin revenue, totaling $355M, a 43% increase from Q3 2024. This income mainly comes from interest generated by Circle’s USDC, plus $185M in rewards, including staking payouts. These results show the company is gradually reducing its reliance on transaction fees.
Coinbase Seeks National Bank Charter in the U.S.
In parallel, Coinbase continues developing Base, its Ethereum Layer 2 network launched in 2023. The company is evaluating the creation of a token for Base, which, according to a JPMorgan report, could generate $12B in value and support ecosystem expansion. Base already leads in stablecoin usage among L2 chains, with over $4.6B in tokens.
Coinbase has applied for a national bank charter in the U.S., which would allow it to expand its presence and access more and better financial privileges. The company is also exploring tokenized asset offerings, although it has not yet disclosed which assets will be included or a launch timeline.
The company’s shares rose 2% following the report, reaching $341 in post-market trading, accumulating a 33% gain year-to-date, with a record high of $444 in July
