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Edge31 Oct 2025
Rolls-Royce: Full Thrust Ahead
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Coinbase Global (COIN) investor relations material
Coinbase Global Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved strong Q3 financial performance, with net revenue of $1.9B and net income of $433M, driven by product execution, expansion of tradable assets, and the Everything Exchange vision.
Closed the $4.3B Deribit acquisition, expanding global derivatives offerings and strengthening position in crypto options.
USDC market capitalization reached an all-time high, with $15B held by customers and contributing to USDC's $74B market cap.
Monthly transacting users rose 19% year-over-year to 9.3M; assets on platform nearly doubled to $516B.
Expanded tradable assets from 300 to over 40,000 via DEX integrations and grew derivatives offerings, including CFTC-regulated perpetual futures in the U.S.
Financial highlights
Q3 total revenue reached $1.9B; net income was $433M; adjusted EBITDA was $1B; adjusted net income was $421M.
Trading volume for Q3 2025 was $295B, up 59% year-over-year; assets on platform ended at $516B, up 95%.
Consumer spot trading volume grew 37% to $59B; consumer transaction revenue up 30% to $844M quarter over quarter.
Institutional transaction revenue was $135M, with Deribit contributing $52M post-acquisition.
Subscription and services revenue grew 14% to $747M; transaction revenue up 83% year-over-year.
Outlook and guidance
Q4 off to a strong start; October transaction revenue expected at ~$385M.
Q4 subscription and services revenue projected between $710M and $790M.
Technology, development, and G&A expenses expected to rise to $925M–$975M, mainly due to acquisitions and headcount.
Sales and marketing guidance set at $215M–$315M, with $70M in depreciation/amortization.
Management plans to dynamically adjust expenses in response to market conditions and revenue opportunities.
Detail Deribit's role in derivatives strategy
Explain SEC lawsuit dismissal's impact
Assess interest rate impact on stablecoin revenue
Timeline for new asset classes on Everything Exchange
Base token distribution: shareholder benefits?
Future M&A themes and areas of interest
Timeline for tokenized stocks/prediction markets?
Base network token: shareholder benefit plan?
Impact of x402 protocol on payment adoption?
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Next Coinbase Global earnings date
Q4 202513 Feb, 2026
Next Coinbase Global earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Making the crypto markets accessible
Coinbase is a cryptocurrency exchange and storage platform that provides a user-friendly interface for buying, selling, and storing various digital currencies. Founded in 2012, Coinbase has become one of the leading companies in the cryptocurrency industry. It offers a range of services, including a digital wallet for securely storing cryptocurrencies, a trading platform with real-time market data, and a mobile app for convenient access on the go. Coinbase aims to make cryptocurrency accessible to a wider audience and provide a secure and reliable platform for individuals and businesses to engage in crypto transactions.
An intuitive platform designed with ease of use in mind
Coinbase operates a crypto exchange platform that facilitates the buying, selling, and trading of various cryptocurrencies. The platform offers a user-friendly interface, allowing users to navigate and explore a wide selection of digital assets.
Coinbase supports popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, providing opportunities for users to participate in the digital currency market. Market data is available to users in real-time to support their decision-making. The platform can be compared to the services that RobinHood, Interactive Brokers, and Charles Schwab offer for investors interested in investing in traditional markets.
Keeping coins safe
Coinbase's wallet services offer a built-in solution for storing cryptocurrencies, providing users with several benefits.
Firstly, having a wallet integrated into the Coinbase platform offers convenience and simplicity. Users can manage their digital assets seamlessly within the same platform they use for buying, selling, and trading cryptocurrencies.
Secondly, Coinbase's wallet emphasizes security measures to safeguard user funds and private keys. By relying on advanced security features and encryption protocols, Coinbase provides users with peace of mind regarding the protection of their assets.
Finally, having a wallet integrated into the service allows for easy access to decentralized applications (DApps) and other blockchain-based services. This integration enhances the overall user experience by providing a one-stop solution for managing cryptocurrencies and interacting with the broader blockchain ecosystem.
A key player in the modern crypto industry
With its established brand and large user base, Coinbase has played a notable role in driving the adoption of cryptocurrencies. The platform's user-friendly interface, extensive selection of supported digital assets, and focus on security have contributed to its reputation as a trusted choice for individuals and institutions. Coinbase has also been active in engaging with regulators and advocating for industry standards, fostering a more regulated and accepted environment for cryptocurrencies. As the crypto industry continues to evolve, Coinbase maintains its standing as a key player together with companies like Crypto.com and Binance.
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