Coinbase (COIN) Stock Surges as Exchange Rakes in $1.9 Billion Revenue - Base Network Turns Profitable

Coinbase shatters expectations with massive revenue haul while its Base network flips the profitability switch.

The Revenue Engine

That $1.9 billion figure isn't just impressive—it's a statement. While traditional finance institutions debate blockchain adoption, Coinbase keeps printing money. The exchange continues to demonstrate that when you build the infrastructure for the digital economy, the market rewards you handsomely.

Base Network's Breakthrough

Profitability for Base network marks a watershed moment. This isn't another 'potential' project—it's delivering real economic value. The Layer 2 solution cuts through Ethereum's congestion and high fees, creating a seamless experience that actually works for users and developers alike.

Market Momentum

Coinbase stock reflects what savvy investors already know: crypto infrastructure plays are becoming essential financial plumbing. While Wall Street analysts scratch their heads about 'speculative assets,' Coinbase keeps building the rails for the next generation of finance—and getting paid handsomely for it.

Here's the reality: when your core business generates nearly $2 billion while your innovation arm turns profitable, you're not just participating in the crypto revolution—you're leading it. Though traditional finance might still dismiss these numbers as 'volatile,' that $1.9 billion revenue suggests the volatility looks pretty good from where Coinbase is sitting.

TLDR

• Coinbase reported $1.9 billion in Q3 revenue, up 58% from last year, beating analyst expectations of $1.8 billion
• Transaction revenue more than doubled to $1.0 billion while adjusted EBITDA reached $801 million
• Base Layer 2 network achieved profitability for the first time due to increased usage and higher ETH prices
• Bitcoin holdings grew by 2,772 BTC to reach 14,548 BTC valued at $1.57 billion
• Institutional transaction revenue doubled to $135 million with Deribit acquisition adding $52 million

Coinbase posted third quarter results that exceeded Wall Street forecasts. The exchange reported total revenue of $1.9 billion, up from $1.2 billion in the same period last year.

Our Q3 2025 financial results are now live. pic.twitter.com/FyukJgfDsj

— Coinbase 🛡️ (@coinbase) October 30, 2025

FactSet analysts had expected $1.8 billion. Trading volumes hit $295 billion during the quarter.

Transaction revenue reached $1 billion, compared to $573 million a year ago. This remains the largest part of Coinbase’s business model.

The company reported net income of $433 million. Adjusted EBITDA came in at $801 million, up from $449 million in Q3 2024.

Coinbase Global, Inc., COIN

Shares ROSE 1.5% in post-market trading following the announcement. The stock had declined 5.8% during regular hours.

Consumer transaction revenue hit $844 million, up 30% from Q2. Retail trading volume grew 37% quarter-over-quarter.

Institutional traders drove $135 million in transaction revenue, more than double the previous year. The acquisition of crypto options platform Deribit closed in August.

Deribit contributed $52 million in revenue to the quarter. Institutional custody assets surpassed $300 billion for the first time.

Base Network Reaches Profitability Milestone

Coinbase confirmed its Layer 2 network Base turned profitable in Q3. Revenue from Base increased due to higher transaction volumes and ethereum prices.

Per-transaction fees dropped during the period. The network processed transactions across trading, payments, lending and social applications.

Coinbase launched Flashblocks on Base during the quarter. This feature enables 200-millisecond block times for faster transaction preconfirmation.

Subscription Revenue Climbs on Stablecoin Growth

Subscription and services revenue rose 14% to $747 million. Stablecoin-related revenue made up $355 million of that total.

Average USDC balances held on the platform reached a record $15 billion. Circle’s USDC plays a key role in Coinbase’s “Everything Exchange” strategy.

Blockchain rewards revenue increased 28% to $185 million. This came as ether and solana prices rallied during the quarter.

Ethereum’s share of transaction volume hit 22%, nearly matching Bitcoin’s 24%. This marks a change from previous quarters when Bitcoin held twice the share.

The company added 2,772 BTC to its treasury during Q3. Total bitcoin holdings now stand at 14,548 BTC valued at $1.57 billion.

Coinbase closed the quarter with $11.9 billion in USD resources. The company raised $3 billion through a convertible debt offering.

Operating expenses fell 9% from the previous quarter. Management expects October transaction revenue around $385 million.

Q4 subscription revenue is projected between $710 million and $790 million. The company warned investors about crypto market volatility affecting future results.

Institutional trading accounted for 80% of the $295 billion trading volume. Retail users showed renewed interest in long-tail crypto assets.