Exchange’s Q3 Surge Driven by Trading and Network Growth

Coinbase Global reported a strong third quarter as transaction revenue broke through the $1 billion mark, supported by a rebound in trading volume and an improvement in its infrastructure business.

Total revenue rose to approximately $1.9 billion, up 58 percent year-over-year.

The company’s Layer-2 blockchain network Base became profitable in the quarter, driven by higher usage and rising prices for Ethereum. The growth underscores Coinbase’s transition from a pure exchange model toward broader infrastructure and services.

Key Drivers of Performance

Trading volume on the platform reached around $295 billion as market volatility returned. Transaction revenue rose from about $572 million in the same period the prior year.

Revenue from subscription and services rose to $746.7 million as stable-coin related revenue hit $354.7 million.

Base’s profitability reflects growing demand for smart-contract activity and an improving cost structure. With ETH prices higher and demand for on-chain applications rebounding, Base contributed meaningfully to the quarter’s success.

Strategic Implications

Coinbase’s results suggest that major crypto platforms can leverage rebound conditions to not just benefit from trading fees but also gain traction in adjacent services and infrastructure.

The company’s expansion into derivatives, staking and its network business positions it to capture more of the full value chain in digital assets.

Having a profitable Base network offers a new growth lever. It may allow Coinbase to further monetize network effects, launch related services or token models, and deepen its competitive moat.

Risks and What to Watch

Despite the strong performance, key risk factors remain.

Crypto markets are still volatile and trading volumes can decline rapidly when sentiment shifts. The company must also prove that infrastructure and network revenue can contribute meaningfully and sustainably in lower-volatility environments.

Regulatory pressures and competitive intensity in crypto exchanges and Layer-2 services remain ongoing concerns.

Outlook

If Coinbase can turn this quarter’s success into a consistent trend, it could reinforce its role as the central hub of the evolving crypto ecosystem.

Investors will watch how Base scales, how contract volumes grow, and whether the company can convert this momentum into long-term recurring revenue.

For now the quarter stands as one of the strongest performances for a major crypto exchange in recent memory.