Coinbase Swings to $719M Q3 Profit as Market Share, Subscribers Grow

Coinbase’s Winning Quarter

The company reported adjusted nett income of $78 cardinal for the 3 months ended Sept. 30, reflecting a important quality betwixt its header nett and underlying earnings. The adjusted fig excludes $715 cardinal successful gains connected cryptocurrency investments, $39 cardinal successful different concern gains, and associated taxation adjustments.

Coinbase’s adjusted net earlier interest, taxes, depreciation, and amortization (EBITDA) reached $333 million, a 60% summation from astir $208 cardinal successful the 2nd quarter. That marked its 15th consecutive 4th of affirmative adjusted EBITDA.

Coinbase bushed expert estimates with net of $2.51 per share, compared to expectations of a $0.26 nonaccomplishment per share. Shares successful COIN were down somewhat aft hours aft finishing the time down conscionable implicit 1% astatine a terms of $160.59.

The results represented a turnaround from the 2nd quarter, erstwhile Coinbase recorded a $359.5 cardinal nett nonaccomplishment amid declining cryptocurrency trading enactment and investment-related losses. The institution had reported a $432.6 cardinal nett successful the 3rd 4th of 2025.

Trading enactment remained a cardinal absorption of Coinbase’s performance. The speech said its stock of cryptocurrency trading measurement accrued to 10.7%, up from 10.3% successful the preceding 4th and 9.1% successful the archetypal quarter. The latest summation marked 4 consecutive quarters of expanding marketplace share.

Coinbase attributed the betterment to stronger positions successful spot and derivatives trading, including perpetual futures, options, and different products. Its cryptocurrency derivatives trading measurement has grown astatine a compound yearly complaint of 179% implicit the past 2 years.

Meanwhile, subscription and services gross accounted for 49% of Coinbase’s nett gross during the quarter, compared with 48% successful the preceding 3 months. The increasing publication from these businesses underscores the company’s efforts to trim its dependence connected volatile cryptocurrency trading fees.

Stablecoins remained different important root of concern activity. Average holdings of USDC crossed Coinbase products reached a grounds $22 billion, expanding 49% from a twelvemonth earlier and representing astir 30% of the stablecoin’s mean marketplace capitalization.

Coinbase besides reported that its assets nether custody and different assets connected its level represented 12.5% of the full cryptocurrency marketplace capitalization, returning to a erstwhile peak.

The institution highlighted accelerating adoption of newer products, including prediction markets, which exceeded $200 cardinal successful annualized gross during the quarter. Daily prediction marketplace traders accrued much than 60% from the 2nd quarter.

Paid subscribers to Coinbase One besides reached a record, expanding 24% twelvemonth implicit year. Coinbase said these customers make 3.5x much mean gross per idiosyncratic than its broader lawsuit base.

“We delivered maturation crossed cardinal profitability measures successful Q3, including our 15th consecutive 4th of affirmative adjusted EBITDA,” said Alesia Haas, Chief Financial Officer. “Subscription and services gross grew 4th implicit 4th and present represents astir fractional of nett revenue. Prediction markets are adding different gross watercourse and are little correlated to crypto volatility. These businesses marque Coinbase much diversified and resilient crossed marketplace cycles.”