Coinbase has delivered a solid Q3 performance, showing notable growth in revenue, trading volume, and Ethereum activity.
Author: Sahil Thakur
31st October 2025 – Coinbase has delivered a solid Q3 performance, showing notable growth in revenue, trading volume, and Ethereum activity. The exchange reported strong demand from institutional and retail users, reversing last quarter’s decline.
In Q3 2025, Coinbase posted $1.9 billion in total revenue. This marks a 26% increase from Q2 and a 58% jump year-on-year. Transaction revenue alone reached $1 billion, up 37% quarter-on-quarter.
Trading volume also surged. Coinbase processed $295 billion in trades during the quarter, compared to $185 billion a year ago. Volume was also higher than the previous quarter.
Ethereum played a key role in this uptick. trades made up 22% of the volume, up from 15% last quarter. ETH transaction revenue grew to 17%, up from 12%. Although still led overall, its share dropped.
Coinbase reported $433 million in net income. While that’s higher than the same period last year, it’s down from Q2’s $1.4 billion. The drop is tied to mark-to-market changes in crypto holdings and Coinbase’s stake in Circle.
Still, the company added $299 million worth of Bitcoin in Q3. Coinbase now holds 2,772 BTC more than last quarter. CEO Brian Armstrong posted on X, “We keep buying more.”
The company is leaning harder into services. Coinbase earned $355 million in stablecoin revenue, up 43% year-on-year. USDC’s market cap hit $74 billion during the quarter, and Coinbase saw record USDC balances in its products.
The exchange also brought in $185 million from blockchain rewards, which include staking. These earnings fall under its subscriptions and services division.
Coinbase’s acquisition of Deribit helped fuel its derivatives segment. In Q3, combined platforms processed $840 billion in notional volume. This area continues to be a focus.
Additionally, Base, Coinbase’s Ethereum Layer-2 network, showed strong growth. Revenue from Base rose, supported by a higher ETH price and more transactions. The network now holds $4.6 billion in stablecoins, the most among L2s.
Coinbase is now exploring a potential token for Base. While there is no timeline yet, JPMorgan analysts believe it could add up to $12 billion in value to Coinbase’s balance sheet.
Coinbase applied for a national bank trust charter. This move would align it with other major players like Circle and Paxos. The company also plans to offer tokenized assets, following the footsteps of competitors like Kraken and Robinhood.
Despite macro uncertainty, Coinbase’s Q3 earnings show that user demand, especially for Ethereum and Layer-2 solutions, remains strong. The company continues to diversify its revenue and deepen its role in crypto infrastructure.
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