Bitcoin News Today: Coinbase's Bitcoin Treasury Strategy Drives Record $1.9B Revenue and 55% Growth

Coinbase Defies Expectations as Stablecoin and Trading Revenue Surge Despite Falling Rates

Coinbase Global Inc. (NASDAQ: COIN) delivered a standout performance in Q3 2025, defying market volatility and regulatory uncertainty to report $1.9 billion in revenue—a 55% year-over-year increase and a 25% rise from Q2—surpassing Wall Street estimates. The exchange's net income soared to $433 million, a 477% jump from $75.5 million in the same period of 2024, according to FinanceFeeds. This growth was fueled by a 37% quarter-over-quarter surge in transaction revenue to $1 billion, driven by institutional inflows, heightened retail participation, and a broader crypto rally tied to macroeconomic developments and favorable regulatory shifts, an IndexBox report shows.

Stablecoin-related revenue emerged as a key growth driver, climbing to $355 million—a 79% year-over-year increase—and accounting for nearly half of Coinbase's subscription and services income, Live Bitcoin News reports. The platform's adoption of Circle's USDC accelerated, with average balances in Coinbase products reaching $15 billion and USDC's market capitalization hitting an all-time high of $74 billion, according to Yahoo Finance. Institutional demand for stablecoin-based payments and treasury management, bolstered by policy tailwinds like the GENIUS Act, further solidified Coinbase's position in this segment, Forbes notes.

The company also expanded its Bitcoin holdings by $299 million in Q3, acquiring 2,772 BTC through weekly purchases, TradingView reported. CEO Brian Armstrong emphasized a strategic shift toward treating Bitcoin as a long-term treasury asset, aligning with broader trends among corporate adopters like MicroStrategy. Meanwhile, Coinbase's Layer-2 network, Base, achieved positive adjusted EBITDA for the first time and saw stablecoin adoption reach $4.6 billion, outpacing competitors, Coinotag notes.

Institutional trading volumes rose 22% quarter-over-quarter to $236 billion, driven by the $2.9 billion acquisition of Deribit, which contributed $52 million in revenue during the 47 days Coinbase owned it, FXStreet reports. The integration of Deribit also propelled Coinbase to record market share in U.S. perpetual futures and global crypto options trading. Assets under custody hit an all-time high of $300 billion, with the firm serving as primary custodian for over 80% of U.S. bitcoin and ether ETF assets, Morningstar reports.

Looking ahead, Coinbase projects Q4 revenue between $2.2 billion and $2.3 billion, assuming average daily trading volume of $300 billion and modest crypto price gains, Crypto Economy projects. The company also plans to explore a token launch for Base, with JPMorgan analysts estimating it could add up to $12 billion in value to Coinbase's market capitalization, an Investing.com transcript records. While challenges like macroeconomic uncertainty and regulatory scrutiny persist, Coinbase's diversified revenue streams and institutional partnerships—such as those with JPMorgan, Citigroup, and PNC—position it as a critical infrastructure provider in the evolving crypto-financial ecosystem, Watcher.Guru observes.