Coinbase reports Q3 revenue of $1.87 billion…beats market expectations

JH Kim

Summary

Coinbase's Q3 revenue was $1.87 billion, exceeding market expectations.
Q3 net income was $430 million, and stablecoin-related revenue was $350 million, with trading fees and the influx of institutional customers driving the results.
Coinbase's revenue structure is gradually stabilizing alongside an increase in Bitcoin holdings, and stablecoin revenue is viewed as a future growth driver.

Coinbase's Q3 revenue this year was $1.87 billion, exceeding market expectations ($1.78 billion). It was a 26% increase from the previous quarter, and analysts attribute the performance to a recovery in digital asset (cryptocurrency) trading volume and expanded stablecoin revenue.

On the 30th (local time), according to virtual asset media Decrypt, Coinbase's Q3 net income was $430 million, and stablecoin-related revenue was $350 million. This is attributed to higher trading fees from increased market volatility and an influx of institutional customers.

Coinbase also said its Bitcoin (BTC) holdings increased by 2,772 BTC during the quarter, suggesting it is reinvesting part of its earnings in Bitcoin.

Market analysts said, "With ongoing exchange-traded fund (ETF) approvals and continued inflows of institutional capital, Coinbase's revenue structure is becoming increasingly stable," and assessed that "stablecoin revenue will act as a key growth driver in coming quarters."