Coinbase Global, Inc. (NASDAQ: COIN) reported a strong third quarter, earning $432.6 million in net income for the period ending September 30, 2025. The exchange’s profits soared thanks to a significant jump in trading activity and a sharp rise in stablecoin-related revenue.
Coinbase’s transaction revenue nearly doubled year-over-year, hitting approximately $1.05 billion compared to $572.5 million last year. Its subscription and services segment—which includes revenue from stablecoin holdings, custody operations, and platform fees—grew by about 34.3% to reach $746.7 million. Within that, stablecoin-related income climbed to roughly $354.7 million, up from $246.9 million in the same period last year.
Analysts credit much of the surge to increased market volatility. A rally in digital assets during July, partly fueled by a more crypto-supportive U.S. regulatory outlook, was followed by a wave of profit-taking and broader sell-offs—boosting overall trading volumes.
Expanding Footprint Through Derivatives
Coinbase also completed its acquisition of Deribit Holding-Co. during the quarter, marking a strategic move into crypto derivatives. This acquisition strengthens the company’s presence in a rapidly growing segment where it had previously lagged.
However, some experts warn that maintaining this level of momentum could be difficult if market volatility cools down. They note that the real test for Coinbase lies in building sustainable growth through its non-trading services.
Stablecoins and Institutional Growth as Future Pillars
Coinbase’s leadership emphasized long-term opportunities in stablecoins and institutional services, particularly custody solutions. The company believes stablecoins will play an increasingly vital role in payments, corporate treasuries, and institutional finance infrastructure.
With its latest earnings surge, Coinbase appears to be transitioning from a trading-dependent business to a more diversified crypto financial platform. Industry watchers suggest that stablecoin and service revenue could form a stronger earnings base, but success will depend on how well Coinbase executes amid tough competition and regulatory oversight.
