October 30, 2025 — Key results, management commentary, and what investors should watch next.
Cryptocurrency exchange Coinbase Global, Inc. published its third quarter 2025 shareholder letter and accompanying financial materials on October 30, 2025, posting the full letter and related reconciliations on its Investor Relations site. The company also hosted a live Q&A webcast to discuss the results with investors and analysts.
Quarterly highlights
Coinbase reported stronger-than-expected trading revenues and notable growth in subscription and services revenue for Q3 2025. Management highlighted that increased market volatility during the quarter boosted trading activity, while recurring revenue from subscriptions, custody, and other services continued to expand.
Key financials (as reported)
- Net revenue: The shareholder letter shows material year-over-year improvement driven by trading and subscription growth.
- Net income: Coinbase posted a significant profit for the quarter, reflecting both operating performance and strategic gains cited in the letter. Reuters reported net income in the low hundreds of millions of dollars for the quarter.
- Subscription & services revenue: Continued expansion was flagged as a growth driver, with management noting strength in custody, staking, and platform services.
- Crypto investment holdings: The shareholder letter disclosed Coinbase’s crypto assets held for investment and as collateral, including an increase in bitcoin holdings during the quarter.
Management commentary
Executives framed Q3 as a period of both opportunity and disciplined execution: they emphasized product development, investments in derivatives and institutional infrastructure, and prudent balance-sheet management. The letter reiterated Coinbase’s focus on diversified revenue streams beyond spot transaction fees.
Notable operational updates
- Completion and integration of strategic initiatives that expand derivatives and institutional offerings were highlighted as priority items.
- Ongoing attention to regulatory engagement and compliance was emphasized as a core input to product rollout and global expansion plans.
- Management pointed to on-chain flow metrics, exchange inflows/outflows, and custody growth as leading indicators they will monitor going forward.
Investor guidance and outlook
The shareholder letter included reconciliations between GAAP and non-GAAP measures and compared actual results against the company’s prior outlook, giving investors a clearer sense of areas of over- and under-performance. Coinbase signaled continued investment in product areas expected to drive recurring revenue, while flagging the usual macro and crypto-market risks.
What to watch next
- Earnings call replay & transcript: Review management Q&&Afor color on revenue mix and margin outlook.
- Derivatives and institutional product uptake: Any metrics showing adoption of recently announced products will be important for subscription revenue trajectory.
- Regulatory updates: Changes in U.S. and international regulation may materially affect product availability and expense levels.
- On-chain and custody flows: Exchange inflows/outflows and custody net additions remain leading indicators of platform health.
For the full shareholder letter, detailed reconciliations, and the earnings-webcast replay, see Coinbase’s Investor Relations page and the Q3 2025 shareholder letter PDF.