Coinbase Beats Q3 Estimates With $1.9B Revenue, Buys $300M in Bitcoin
Coinbase reported Q3 revenue of $1.9 billion, beating estimates, and announced a $300 million Bitcoin purchase.Summary
Coinbase announced stronger-than-expected third-quarter results, reporting $1.9 billion in revenue, a 26% increase from the previous quarter, and a net profit of $433 million, or $1.50 per share, surpassing Wall Street expectations. The crypto rally fueled a surge in trading activity, with transaction revenue hitting $1.0 billion on $295 billion in volume, boosted by the acquisition of Deribit and increased retail engagement. Furthermore, Coinbase significantly diversified its income, with subscription and services revenue reaching $747 million, including $355 million from stablecoin revenue (USDC). CEO Brian Armstrong confirmed the company remains bullish on Bitcoin, stating Coinbase purchased nearly $300 million in BTC during Q3, increasing its holding by 2,772 BTC. The company is progressing toward its vision of an "Everything Exchange" and highlighted the growth of its Base layer-2 network.
(Source：Bitcoin Magazine)