Synopsis: Coinbase delivered a strong quarter with $1.9 billion revenue and over fivefold profit growth, boosting Bitcoin holdings to 14,548 BTC and advancing its “Everything Exchange” ecosystem expansion.
Coinbase has once again proven its growth ambitions. The exchange recently added about $300 million worth of Bitcoin in the third quarter, lifting its total holdings to 14,548 BTC now valued at $1.57 billion. The move underscores its confidence in Bitcoin as both a treasury asset and a long‑term store of value.
The company reported $1.9 billion in quarterly revenue, up 55% from a year earlier, and a net income of $432.6 million, more than a fivefold increase year‑on‑year. This remarkable jump highlights how strongly the crypto market rebound has lifted Coinbase’s operations. Frankly, it feels like the company is back in full control of its momentum.
Transaction revenue climbed to $1.05 billion, while subscription and services income, including blockchain rewards and stablecoin interest, rose more than 34% to $746.7 million. Derivatives trading, launched earlier this year, added around $84 million, pushing total crypto revenue to $1.75 billion a 59% yearly increase.
Strengthening the “Everything Exchange” Vision
Coinbase is now pressing ahead with its ambitious plan to become what it calls an “Everything Exchange.” It wants to be the central hub for trading, staking, lending, and on‑chain services across all crypto assets and chains. To achieve this, it has expanded spot listings, launched Bitcoin and Ether perpetual contracts internationally, and added 12 new altcoins this quarter.
The exchange also grew its derivatives volume to $92 billion, operating 42 active markets globally. On‑chain progress looked even stronger. Base, Coinbase’s Ethereum layer‑2 network, grew its total value locked to $2.8 billion up 110% from the previous quarter. Its daily active wallets hit 1.8 million, and the new Smart Wallet feature crossed two million users.
Brian Armstrong, Coinbase’s CEO, described the effort plainly: “We’re building the on‑chain Amazon one app for every crypto use case.” That’s a lofty goal, but given Coinbase’s pace this year, it doesn’t sound unrealistic anymore.
Bitcoin Strategy
Institutional clients continue to drive most of Coinbase’s business. They contributed around 80% of the $295 billion quarterly trading volume, while assets under custody surpassed $300 billion for the first time. The company’s ongoing Bitcoin accumulation 2,772 coins in Q3 alone shows a firm commitment to keeping BTC as a balance‑sheet reserve.
Chief Financial Officer Alesia Haas explained that Coinbase only uses its crypto‑generated profits for these purchases. “Bitcoin is our number one treasury asset,” she said, emphasizing that no external funding or debt is used. The exchange has even started using BTC as collateral for its lending business and is testing DeFi yields through tokenized Bitcoin (cbBTC) on Base.
It’s refreshing to see Coinbase align its treasury strategy with product innovation. Few public firms are taking that kind of bold, self-funded approach to digital assets.
Forward Outlook
Investors appear cautiously optimistic. Coinbase’s shares rose roughly 2.8% in after‑hours trading after a brief decline earlier in the day. The strong quarterly results came as relief for many who once worried about the firm’s reliance on trading volumes.
Looking ahead, Coinbase expects $650–700 million in crypto subscription revenue next quarter and plans to buy an additional $200 million in Bitcoin, or roughly 2,000 coins. If Bitcoin rises toward the company’s bullish case of $150,000, its treasury could be worth over $2 billion a remarkable cushion of digital wealth.
In simple terms, Coinbase’s message this quarter is clear: it’s betting heavily on Bitcoin, scaling Base into a full ecosystem, and turning the idea of an “Everything Exchange” from marketing into measurable progress. And judging by these numbers, it’s hard not to feel the momentum building.
Written By Fazal Ul Vahab C H