Coinbase Q3 earnings beat estimates

Core Insights - Coinbase Global reported strong earnings for Q3 2025, with earnings per share (EPS) of $1.5, exceeding Wall Street expectations of $1.05 by 45% [2] - The company achieved quarterly revenue of $1.86 billion, a 25% increase quarter-over-quarter (Q/Q), surpassing the estimated $1.8 billion [2][3] Financial Performance - The revenue breakdown included $1 billion from transaction revenue and $747 million from subscription and services revenue, along with $355 million in stablecoin revenue [3] - Coinbase's net income for Q3 was $433 million, with adjusted EBITDA reported at $801 million [3] Trading Volumes - Global spot crypto trading volumes increased by 38% Q/Q, while U.S. spot crypto volumes rose by 29% Q/Q [3] Assets and Liabilities - As of September 30, 2025, Coinbase held total assets exceeding $31 billion and total liabilities over $15 billion [4] - Following the acquisition of Deribit, Coinbase and Deribit together achieved over $840 billion in notional derivatives trading volume during Q3 [4] Strategic Vision - Coinbase's CEO, Brian Armstrong, emphasized the company's strong Q3 performance and progress towards its "Everything Exchange" vision, which now covers 90% of the total crypto market cap in one interface [5]