Trading Volume Hits Record High! Coinbase Revenue Surges 55%, CEO to Unveil "Stock Tokenization and Prediction Market Details" in December, Advancing Toward "Everything Exchange"

Driven by record-high token prices boosting trading activity, Coinbase Global, Inc., the largest U.S. cryptocurrency exchange, reported better-than-expected Q3 revenue. Its CEO further teased upcoming plans in stock tokenization and prediction markets, fueling a rise in the company's share price.

According to its earnings report released Thursday, Coinbase’s Q3 revenue jumped 55% year-over-year to $1.9 billion, surpassing analysts’ estimates of $1.8 billion. Net profit soared nearly fivefold to $433 million ($1.50 per share) from $75.5 million a year earlier.

Following the report, Coinbase shares rose as much as 4% in after-hours trading, bringing its year-to-date gain to 32%. The crypto market’s sustained rebound this year has been partly attributed to the Trump administration’s industry-friendly stance, including the passage of the first U.S. stablecoin regulatory bill in July.

**Trading Volume Soars; Stablecoins and Derivatives Emerge as New Revenue Drivers** In a letter to shareholders, Coinbase disclosed Q3 trading volume of $295 billion, with the momentum appearing to extend into Q4. Despite Bitcoin and other cryptocurrencies experiencing extreme volatility—hitting record highs followed by historic liquidations—the company still generated $385 million in trading revenue in the current quarter’s first month.

Beyond trading, stablecoins and derivatives also contributed to growth. As a shareholder and key distributor for Circle Internet Group Inc., issuer of the USDC stablecoin, Coinbase earned $354.7 million from this segment in Q3.

Additionally, its newly acquired options platform Deribit added $52 million in revenue, driven by "continued growth in options trading, with notional volume reaching all-time highs." Combined derivatives notional volume across Deribit and Coinbase exceeded $840 billion during the quarter.

**Pursuing an "Everything Exchange"; M&A Remains on the Table** During the earnings call, CEO Brian Armstrong revealed plans to share further details on stock tokenization and prediction markets at a product showcase on December 17.

"We’ve been heads down preparing for the next phase," Armstrong said, reiterating the company’s vision to become an "everything app" offering all financial services consumers need.

Coinbase executives also expressed ongoing interest in acquisitions, particularly in trading and payments.