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Coinbase Q3 2025 results at a glance
Coinbase reported a strong Q3 2025, with total revenue hitting $1.9 billion — a 25% increase over Q2 — as trading activity across retail and institutional channels rebounded. Transaction revenue climbed to $1.0 billion, up 37% quarter-on-quarter, driven by elevated market momentum and increased customer engagement across spot, derivatives and stablecoin products.
Trading volumes and institutional momentum
Overall trading volumes reached $295 billion in Q3. Institutional activity was particularly prominent: institutional trading volumes rose 22% to $236 billion. The recent acquisition of Deribit contributed roughly $52 million in revenue and significantly boosted Coinbase’s international options and futures capabilities, helping institutional transaction revenue surge 122% to $135 million.
Retail activity and product expansion
Retail transaction revenue totaled $844 million, up 30% from the prior quarter. Growth was supported by higher participation in long-tail tokens and expanded listings that now cover about 90% of the total crypto market capitalization. Coinbase is pushing its "Everything Exchange" vision, broadening listings and focusing on derivatives, stablecoins and institutional-grade services to capture market share.
Stablecoins, subscriptions and non-trading revenue
Stablecoin-related metrics hit new highs: USDC market capitalization on the platform reached $74 billion, and average USDC balances on Coinbase peaked at $15 billion. Non-trading revenue continued to be an important diversification pillar, rising to roughly 28% of total revenue. Subscription and services revenue climbed 14% to $747 million, helped by demand for custody, staking, payments and other institutional services.
Outlook and regulatory considerations
Coinbase cautioned investors not to extrapolate short-term performance, while noting October transaction revenue was approximately $385 million. The company highlighted impressive long-term growth metrics — a five-year compound annual growth rate of about 57.5% and two-year growth of 66% — but pointed to ongoing challenges such as fee compression and heightened regulatory scrutiny. Potential SEC actions in the U.S. and implementation of MiCA in Europe remain key risks for the exchange and the broader crypto ecosystem.
Why it matters
Coinbase’s Q3 performance underscores how diversification across trading, derivatives, stablecoins and institutional services can buffer exchanges against market volatility. As Coinbase doubles down on derivatives, USDC and institutional products, the exchange aims to sustain growth while navigating evolving regulatory frameworks that will shape the next phase of crypto market development.
Source: crypto
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