Coinbase Reports $433 Million Net Income in Q3 2025 Amid Rising Trading and Stablecoin Activity
Coinbase Global, Inc. (NASDAQ: COIN), the largest publicly traded cryptocurrency platform in the United States, reported a net income of US$433 million for the third quarter of 2025, marking a sharp increase from US$75.5 million during the identical period in 2024. Total quarterly revenue reached between US$1.87 billion and US$1.90 billion, up 55% year-over-year and 25% quarter-over-quarter, underscoring a robust recovery in trading activity across global crypto markets.
The company’s transaction revenue rose significantly to approximately US$1.05 billion, compared to US$573 million a year earlier, supported by increased retail participation and institutional trading volumes. Subscription and services revenue also demonstrated strong growth, climbing to around US$746.7 million, a 34% year-over-year increase. Much of this expansion was attributed to higher stablecoin-related earnings and increased interest income.
Stablecoin and derivatives growth strengthen Coinbase’s diversification
Stablecoin-related revenue contributed approximately US$354.7 million during the quarter, up from US$246.9 million the previous year. Coinbase attributed this growth to expanding usage of stablecoins for payments, trading, and yield generation, as well as rising on-chain transaction activity.
In addition to its stablecoin momentum, Coinbase benefited from its growing derivatives segment following the acquisition of Deribit, which enhanced the company’s footprint in options and futures trading. This move strengthened its institutional offering and positioned Coinbase as a key player in the evolving crypto derivatives market, where traditional finance institutions are increasingly active.
The company also highlighted its strengthened balance sheet and increased crypto asset holdings, including a larger BTC position. These strategic moves reflect Coinbase’s confidence in the long-term growth of digital assets and its vision to become a global leader in what it calls the “Everything platform” — an integrated trading platform offering spot, futures, and staking services.
Outlook and earnings guidance for Q4 2025
For the fourth quarter, Coinbase projected subscription and services revenue between US$710 million and US$790 million, emphasizing that macroeconomic uncertainty and market volatility could still affect trading revenue. Despite these risks, management noted strong user engagement and institutional inflows, suggesting continued growth potential in the coming quarters.
However, some analysts cautioned that part of the Q3 profit surge resulted from non-cash mark-to-market gains and portfolio revaluations, which may not be sustained in future reporting periods. Nevertheless, the company’s consistent profitability and diversified revenue base mark a significant turnaround from previous years of losses.
Coinbase’s Q3 2025 earnings signal a broader recovery across the cryptocurrency industry, with renewed investor confidence and increased market participation. The rise in stablecoin transactions, institutional derivatives trading, and subscription-based income reflects the maturing structure of crypto markets.
For regulators and investors, Coinbase’s performance underscores the resilience of compliant, transparent platforms operating under U.S. oversight. As the firm continues to expand its product offerings and global footprint, its ability to sustain profitability could set a benchmark for the next phase of growth in the digital asset ecosystem.
Coinbase’s Q3 results not only highlight its operational strength but also reaffirm its position as a central player in bridging traditional finance and the blockchain economy, marking an significant milestone in the ongoing evolution of regulated crypto trading.
