Coinbase Global (COIN) reported higher-than-expected third-quarter earnings and revenue on Thursday, as crypto markets boosted revenue and trading activity during the period.
In the third quarter, the crypto exchange’s net revenue was $1.79 billion, compared to $1.13 billion in the same quarter last year. Its trading volume during the quarter totaled $295 billion, up from $185 billion last year.
Profits totaled $433 million, or $1.50 per share, compared to $75.5 million in the same quarter last year. The stock is up 34% since the start of 2025, outperforming the largest cryptocurrency, bitcoin (BTC-USD). In the third quarter, bitcoin reached an all-time high.
Coinbase stock rose 3.5% in early trading Friday.
Fees from transaction revenue on the Coinbase platform increased 83% from a year ago to $1 billion. And the company’s subscriptions and services division, which brings together everything from its stablecoin and staking revenue to interest and funding fees, soared 34% to a new record of $747 million.
Coinbase CFO Alesia Haas told Yahoo Finance Editor-in-Chief Brian Sozzi that growth on the trading front was fueled by advanced traders.
“We have rolled out this new white glove service offering which has been very successful and allows us to retain and develop these advanced traders on our platform,” she said.
The Trump administration’s embrace of the crypto world this year has already opened a number of legal and regulatory doors for Coinbase and the industry as a whole, including the first federal framework regulating stablecoins in July.
Stablecoins are crypto assets tied to government-issued currencies or commodities like gold. And that momentum in Washington, D.C., is unlikely to slow.
Learn more: How Stable Coins Work
“We are accelerating payments through stablecoin adoption, which we expect will continue given the political tailwinds and continued adoption by financial institutions and businesses for payment and treasury needs,” the company said in its letter to shareholders on Thursday.
“With regulatory clarity accelerating, crypto rails are poised to generate a greater share of global GDP, and we believe Coinbase is in a leading position.”
The company has announced several acquisitions this year, including paying $2.9 billion for leading crypto derivatives exchange Deribit in May and, most recently, purchasing blockchain capital raising platform Echo earlier this month for $375 million.
“Our institutional trading revenue grew over 120% during the quarter,” Haas said of the impact of the Deribit deal.
