Coinbase Global Inc (NASDAQ:COIN) reported third-quarter results that surpassed Wall Street forecasts on Thursday, driven by a sharp rise in cryptocurrency trading volumes and strong growth in its stablecoin-related services. Shares of the crypto exchange rose about 5% in premarket trading on Friday following the announcement.
The company posted earnings of $1.50 per share on revenue of $1.87 billion, beating analyst estimates of $1.21 per share on $1.78 billion in revenue. Adjusted EBITDA reached $801 million, far exceeding consensus expectations, reflecting strong operational leverage amid higher market activity.
The performance was fueled by increased transaction activity and continued expansion in subscription and services income. Transaction revenue surged 83% year-over-year to $1 billion, while subscription and services revenue climbed 34% to $747 million.
Overall trading volume soared 59% from a year earlier to $295 billion, with consumer trading reaching $59 billion and institutional trading hitting $236 billion.
Commenting on the results, Jefferies analysts said the report showed an “EBITDA beat on higher transaction revenues.”
Looking ahead, Coinbase expects fourth-quarter subscription and services revenue to range between $710 million and $790 million, signaling continued growth momentum across its diversified revenue base.