So, Coinbase just dropped their Q3 2025 results, and honestly, they’re pretty strong. The total revenue hit $1.9 billion, which is a nice 25% bump from Q2. It really looks like the whole crypto market is getting its groove back, and trading volume jumping up to $295 billion definitely shows that people, both regular folks and big institutions, are getting active again.
The biggest revenue increase came from transaction fees, obviously, with retail clients pouring in $844 million. But the interesting thing is, they’re not just relying on trading anymore. Non-trading stuff is now almost 28% of their total revenue—things like staking and custody services. Subscription revenue climbed to $747 million, proving the whole ‘Everything Exchange’ thing is actually working. Plus, USDC balances hit a new all-time high, which can’t hurt.
They did a little warning, saying don’t just, like, expect this every quarter. But October’s transaction revenue was already about $385 million, so that’s a good sign. With Bitcoin doing well and some better regulatory vibes coming from the US, the momentum is there, even if the SEC and MiCA in Europe are still giving them some headaches. Overall, a really solid quarter for Coinbase.
Conclusion
Coinbase’s Q3 shows strong momentum, rising user activity, and real progress on diversifying revenue. While growth may not be linear, the mix of trading strength and expanding subscriptions positions Coinbase for a more stable, scalable future.
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