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Coinbase, the largest U.S. cryptocurrency exchange, recorded an “earnings surprise” in the third quarter that exceeded Wall Street’s expectations.
This is the result of a surge in trading volume by institutions and individual investors, and a full-fledged reflection of the performance of Deribit, a recently acquired derivatives exchange.
Coinbase announced on the 30th (local time) that it had achieved $1.87 billion (about 2.4 trillion won) in sales and $432.6 million (about 560 billion won) in net profit through its third quarter earnings announcement in 2025. This is a significant increase from net income of $75.5 million in the same period a year ago.
The earnings per share (EPS) hit $1.50, significantly exceeding the $1.10 analyst prediction compiled by LSEG. Sales also exceeded market expectations of $1.8 billion. Coinbase shares rose nearly 3% in after-hours trading on the back of solid earnings reports.
The strong performance was driven by the overall recovery of the cryptocurrency market. Analysts say that investment sentiment has improved since the Trump administration was launched, as regulations on digital asset companies continued to ease and U.S.-China trade relations stabilized.
In particular, it was the trading revenue that drove the third quarter’s performance. Total transaction revenue was $1 billion, a 37% jump from the second quarter.
Institutional investors’ moves were also noticeable. Institutional transaction revenue in the third quarter was $135 million, a whopping 122% increase from the previous quarter.
The institutional volume also rose 22% to $2360. This was largely due to the performance of Derivit, a derivatives exchange that completed the acquisition for about $3 billion in August. Derrybit generated $52 million in revenue in the third quarter alone.
Trading by individual investors was also brisk. In the third quarter, personal volume increased 37% quarter-on-quarter to $59 billion, and related revenue increased 30% to $844 million.
The share of Ethereum (ETH) transactions, which slowed down in the second quarter, rebounded noticeably from 15% in the second quarter to 22% in the third quarter, supporting its performance.
In addition to the trading segment, revenue from the “subscribe and services” segment stood at $747 million, serving as a stable source of cash.
Stablecoin USDC’s market value ($74 billion) and Coinbase’s total trustee assets ($300 billion) both reached record highs, proving the platform’s influence.
Coinbase expected positive earnings in the fourth quarter as well. It presented $710 million to $790 million in Q4 subscription and service revenue forecasts.
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