"Coinbase reported stronger-than-expected third-quarter earnings Thursday, posting $1.9 billion in revenue - up 26% from the previous quarter - as renewed crypto market momentum boosted both trading and stablecoin income. The San Francisco-based exchange notched $433 million in net profit, or $1.50 per share, surpassing Wall Street expectations of $1.10 per share on $1.8 billion in revenue. Shares of Coinbase Global (COIN) jumped more than 4% in after-hours trading to $341 following the results."
"Coinbase also bought almost $300 million in BTC in Q3. CEO Brian Armstrong confirmed via an X post that remains bullish on bitcoin, stating, "Coinbase is long Bitcoin. Our holding increased by 2,772 BTC in Q3. And we keep buying more." Coinbase reported $1.0 billion in transaction revenue, up 37% from the prior quarter and 83% from a year earlier, on trading volumes of $295 billion."
Coinbase generated $1.9 billion in third-quarter revenue, a 26% sequential increase, and recorded $433 million in net profit, or $1.50 per share, beating expectations. The sequential profit decline from Q2 was tied mainly to non-cash mark-to-market adjustments tied to Circle holdings and the crypto portfolio. The company bought nearly $300 million in bitcoin during Q3, increasing holdings by 2,772 BTC. Transaction revenue reached $1.0 billion on $295 billion of trading volume, with institutional volume rising 22% to $236 billion and Deribit contributing $52 million in revenue. Retail trading volume climbed 37% to $59 billion, aided by new listings and DEX integrations.
Read at Bitcoin Magazine
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