Coinbase announced $1.9 billion in revenue and $433 million in profit for the third quarter of 2025, marking a 25% increase from the previous period. The company highlighted progress on its 'Everything Exchange' vision, integrating trading, financial services, and applications. CEO Brian Armstrong emphasized solid financial results and innovative product development.
On October 30, 2025, Coinbase released its third-quarter earnings, revealing $1.9 billion in total revenue, a 25% rise from the prior quarter, alongside $433 million in profit. This performance underscores the exchange's diversification beyond trading, with stablecoin yields, custody, and services bolstering earnings.
CEO Brian Armstrong stated, “Q3 was a strong quarter for Coinbase. We drove solid financial results, maintained focus on shipping innovative products, and continued building the foundation of the Everything Exchange.” The 'Everything Exchange' strategy layers trading—via regulated spot and derivatives markets—with financial utilities like custody, rewards, and lending, plus infrastructure for on-chain applications to drive network demand.
Consumer trading volume surged 37% to $59 billion, while institutional transaction revenue jumped 122% quarter-over-quarter. A key move was the August closure of Coinbase's $3 billion acquisition of Deribit, the world's largest crypto options exchange by open interest, securing a strong position in derivatives, which account for about 80% of total crypto volume.
Stablecoins proved a major growth driver. Coinbase's partnership with Circle propelled USDC's market capitalization to a record $74 billion, with average balances in Coinbase products at $15 billion, generating $355 million in revenue—a 7% sequential increase. The company launched Payment APIs and B2B interfaces to embed USDC settlement into enterprise operations, enabling automated treasury flows and 24/7 payouts on its Base network. Additionally, Embedded Wallets were introduced, allowing developers to integrate wallet functionality directly into apps.
Custody assets reached an all-time high of $300 billion, with Coinbase managing over 80% of U.S. crypto ETF assets. Management anticipates further USDC growth following the GENIUS Act, which clarifies stablecoin regulations and opens institutional payment channels. Internationally, Coinbase is expanding distribution in Brazil and India to tap into rising digital payments demand.
These developments position Coinbase as core financial infrastructure amid mainstream crypto adoption, though competition from traditional finance and decentralized exchanges intensifies. The earnings reflect greater stability, with diversified revenues reducing exposure to market volatility.