Coinbase Q3: $433M Profit, $15B USDC

Coinbase reported a stronger-than-expected Q3, posting roughly $1.87–$1.9 billion in revenue and about $433 million in net income (adjusted EPS ~$1.44–$1.50), sending shares up in after-hours trading. Transaction revenue was about $1.0–$1.05 billion and platform trading volumes rose to $295 billion, with Ethereum gaining a larger share of activity even as bitcoin-driven volatility boosted use. Institutional trading and derivatives revenue jumped—helped by Coinbase's August acquisition of Deribit—and the company said it is advancing its “Everything Exchange” strategy alongside new payments and bank partnerships. Stablecoin/USDC adoption strengthened, with average USDC held across Coinbase products near $15 billion and stablecoin revenue rising materially. Coinbase continued to add roughly $299 million of bitcoin, bringing holdings to about 14,548 BTC, while operating expenses rose year-over-year and transaction revenue remains below prior cyclical peaks, underscoring a shift in its revenue mix toward institutional services and payments.