Coinbase, the US-based cryptocurrency exchange, reported its quarterly earnings. The firm Coinbase beats Q3 2025 forecasts set by Wall Street. Its total revenue reached $1.9 billion, according to the company’s official report.
The exchange reported earnings per share (EPS) of $1.50. This figure surpassed analysts’ forecast of $1.10 per share. Likewise, the $1.9 billion in total revenue exceeded the $1.8 billion expected by Yahoo Finance. Transaction revenue, a vital metric, increased by 37% sequentially. This increase brought it to $1 billion, up from $764 million the previous quarter. However, net income was $433 million. This represents a sequential drop from $1.4 billion. Anil Gupta, VP of Investor Relations, clarified the drop was due to “non-cash noise”. Specifically, valuation adjustments in its Circle stake and its crypto portfolio.
On the other hand, Coinbase has actively sought to diversify its income streams. The company recorded $355 million in stablecoin revenue. This marks a 43% year-over-year increase, driven by USDC’s all-time high market cap of $74 billion. Furthermore, “blockchain rewards” (staking) contributed $185 million. The firm’s layer-2 network, Base, also showed notable growth. Base’s revenue growth was driven by a higher ETH price and an increased number of network transactions.
Will the Base Token Become Coinbase’s Next Catalyst?
The news reinforced confidence in the company’s strategy. Coinbase (COIN) shares responded positively. They rose to $341 in after-hours trading. Moreover, the firm confirmed it continues to increase its bet on Bitcoin. CEO Brian Armstrong stated, “We keep buying more.” Coinbase added 2,772 BTC to its treasury during the quarter. This accumulation underscores its long-term vision for the main cryptocurrency and the digital economy.
The market is now closely watching the development of the Base network. The company, via its Head of Base, Jesse Pollak, confirmed it is exploring a token for this network. Although there is no defined timeline, this possibility is generating high expectations. JPMorgan analysts estimate that a Base token could add up to $12 billion in value to Coinbase. The strong Q3 performance
