Coinbase Q3 Beats; Volumes, Deribit Boost Results

Coinbase reported Q3 2025 revenue of about $1.9 billion (up roughly 55–58% year-over-year) and net income near $432–433 million, beating estimates. Adjusted EBITDA was about $800–801 million, with transaction revenue surging to roughly $1.0 billion (up ~80% YoY), subscription and services near $747 million, and stablecoin-related revenue about $355 million. Total trading volume reached $295 billion (institutional volume ~ $236 billion) and assets under custody topped $300 billion. The August acquisition of Deribit contributed roughly $52 million of revenue and boosted derivatives activity; Coinbase added about 2,772 BTC to its holdings (to ~14,548 BTC), and its Base layer‑2 network reached profitability while launching features like Flashblocks. Analysts broadly maintained or raised Buy ratings (including Rosenblatt, BTIG and JPMorgan) though some, notably Barclays, cautioned that higher operating expenses and margin pressure remain risks; shares traded mixed (down in the regular session, modestly up after-hours). Management reiterated its “Everything Exchange” push to expand tradable assets, tokenized products and stablecoin-based payments as key growth pillars.