Coinbase reported a sharp jump in quarterly performance, beating market expectations as crypto trading activity surged. The U.S. exchange posted $1.9 billion in total revenue for Q3, a 58% increase from $1.2 billion a year ago and slightly ahead of the $1.8 billion expected by FactSet analysts.
Transaction revenue rose to $1 billion, compared with $573 million last year, supported by a 37% rise in retail trading volume and renewed interest across crypto markets. Total trading volume reached $295 billion.
The company recorded $801 million in adjusted EBITDA and $433 million in net income, reflecting stronger profitability and reduced operating expenses.
Institutional revenue more than doubled to $135 million, partly boosted by Coinbase’s acquisition of Deribit, while consumer revenue climbed to $844 million.
Coinbase guided October transaction revenue of roughly $385 million and Q4 subscription revenue of $710-$790 million but warned that crypto-market volatility makes future results unpredictable.
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