Coinbase – COIN – earnings report Q3 2025

Coinbase shares ticked up nearly 3% Thursday as the crypto exchange posted better-than-expected financial results, fueled by growing retail and institutional trading on its platform.

In the quarter ended Sept. 30, Coinbase net income rose to $432.6 million, or $1.50 per share, from $75.5 million, or 28 cents per share, a year ago. Earnings topped the consensus estimate of $1.10 reported by LSEG.

Revenue rose to $1.87 billion from $1.21 billion in the same quarter last year, and was higher than analysts’ expectations of $1.8 billion.

Revenue tied to transactions rose to $1 billion, up 37% from the second quarter.

The centralized crypto exchange’s beat came amid a resurgence in crypto trading fueled by U.S. federal regulators’ continued efforts to ratchet back regulations on digital assets firms under President Donald Trump. Also, steadying trade relations between the U.S. and China during the summer months improved investor sentiment.

Coinbase also benefited from a marked increase in revenue linked to institutional activity on its platform following its nearly $3 billion acquisition of derivatives exchange Deribit.

Consumer trading activity on the platform jumped to $59 billion, up 37% from the previous quarter. Transaction revenue from retail brought in $844 million, marking a 30% increase quarter-over-quarter.

On the institutional side, Coinbase notched $135 million in revenue on transactions in the third quarter, marking a 122% increase from the previous quarter, while trading volumes from institutions on the exchange came in 22% higher quarter-over-quarter at $236 billion for the three months ended on Sept. 30.

Read Coinbase’s full shareholder letter here.