After several weeks of market decline, Coinbase surprised investors with strong results for Q3 2025. The main drivers of growth were the derivatives and stablecoin segments, which may bring fresh momentum to the crypto market.
- According to the report published on October 30, Coinbase achieved a total revenue of $1.87 billion, up 25% from the previous quarter. The company reported a net profit of $433 million and an adjusted EBITDA of $801 million.
- Trading revenue increased by 37% to $1.0 billion. Retail clients generated $844 million in revenue with a trading volume of $59 billion. The institutional segment contributed $135 million with a volume of $236 billion — a growth of 122%.
- The subscriptions and services segment brought in $747 million, including $355 million in stablecoin-related income (+7%). The market capitalization of USDC reached an all-time high of $74 billion, of which $15 billion came from Coinbase products. Assets held on the platform rose to $516 billion, while assets under custody (AUC) hit a new record of $300 billion.
Coinbase noted growing demand for derivatives and stablecoins, supported by regulatory progress and the integration of new trading options following the August acquisition of Deribit. This strengthened the company’s position as one of the key players in the global crypto market and expanded its infrastructure for institutional and retail clients.
The Coinbase exchange results are considered a barometer of crypto market activity. Historically, strong quarterly reports from the largest U.S. exchange have been followed by increased trading volumes and improved market sentiment. After the recent downturn, the significant rise in profits may serve as a signal of renewed investor interest, especially given the growth in trading volumes and stablecoin reserves, indicating an inflow of fresh capital.
However, the further market outlook will largely depend on macroeconomic conditions and the development of the derivatives market in the coming months.