Coinbase’s Q3 Net Income Surges 475% as Crypto Volatility Drives Trading Growth

Trading volume rose to $295 billion; Assets on the platform reached $516 billion, of which $300 billion is in custody.

Coinbase reported a rise in profit for the third quarter of 2025, beating Wall Street estimates as swings in cryptocurrency prices boosted trading activity.

The fair generated net income of $433 million, up from last year’s $75.5 million.

Third quarter financial results

Coin base shared on Thursday, the company announced that total net sales for the quarter ended September 30 rose to $1.8 billion, driven by higher trading volumes and growth in institutional services. Trading volume reached $295 billion, while assets on the platform totaled $516 billion, including $300 billion in assets under custody.

On the other hand, transaction revenue rose to $1.05 billion from $572.5 million a year ago as more traders took advantage of market volatility. Subscription and services revenue also rose 34.3% year over year to $747 million. Adjusted net income was $421 million and adjusted EBITDA was $801 million.

The company posted earnings of $1.50 per share, compared to $0.28 in the same period last year. Market analysts at LSEG had forecast earnings of $1.06 per share. After the results were released, Coinbase shares gained more than 3% in after-hours trading.

Digital assets rebounded in July as US President Donald Trump’s crypto-friendly policies sparked interest from institutional investors, sending Bitcoin soaring to new highs. However, weak economic data in August raised fears of a possible recession, leading to a sell-off as investors retreated from riskier assets. Crypto exchanges often benefit from such volatility, as more trading means higher revenue from transaction fees.

Expanding the market reach and growth of stable coins

Coinbase completed its acquisition of Deribit in the third quarter, with the two recording notional derivatives trading volume of $840 billion. The company also introduced the first 24×7 perpetual crypto contracts in the US.

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The company achieved 90% coverage of the total crypto market capitalization and added support for trading over 40,000 assets through its DEX integration, while also reporting record highs in institutional loan balances and stablecoin usage. Stablecoin revenue reached $355 million, up 7% on the quarter, while the USDC market capitalization rose to a record high of $74 billion. Additionally, the average USDC across its products rose 9% to $15 billion.

Coinbase is also expanding its crypto utility, with more than $100 million in One Card spend since launch. The platform attributed some of this growth to the GENIUS Act, which passed earlier this year and established a regulatory framework for stablecoins.

In a letter to shareholders, the company said it is focused on “building the all-purpose exchange,” a single platform for all tradable assets. “Coinbase is cash-rich and primed for growth,” said David Bartosiak, equity strategist at Zacks Investment Research. “The company no longer just trades in coins. It is building the backbone of the new financial internet.”