After what started as a disappointing week, the Coinbase stock (Ticker: COIN) seems to be back on a recovery path. COIN briefly touched the $350 level on Friday, October 31st, rallying on the positive earnings report and new developments from this week.
According to a new report, Coinbase has also entered into late-stage talks to purchase stablecoin infrastructure BVNK in an estimated $2 billion deal. This move represents a play in a much larger stablecoin industry push by the largest US-based cryptocurrency exchange.
Exchange Closes In On $2 Billion BVNK Deal
On Friday, Bloomberg reported that Coinbase is looking to complete a $2-billion acquisition of the London-based BVNK, pending due diligence. The San Francisco-based cryptocurrency company expects to close this deal before the year’s end or early next year, according to one of the sources close to the matter.
According to the report, the company’s venture capital arm, Coinbase Ventures, is an investor in BVNK. One of the cited sources also revealed that while the deal is already in late-stage talks, terms may change, and the deal is still at risk of collapsing.
A Coinbase spokesperson told Bloomberg in a statement:
We don’t comment on rumors or speculation. Driven by our mission to expand economic freedom globally, we actively explore various opportunities—whether through building, acquiring, partnering, or investing – to advance our mission.
This latest Bloomberg report somewhat adds credence to the Fortune report—from earlier this week—that disclosed that Coinbase holds exclusivity with BVNK for takeover talks after winning the bidding war. Mastercard was reportedly also engaged in talks with the stablecoin infrastructure before setting its sights on Zerohash, another crypto startup, for over $1.5 billion.
Hence, this BVNK purchase by Coinbase, if completed, would represent the latest one in a growing list of stablecoin-related deals in recent months. These developments come on the back of the introduction of the first crypto regulation (the GENIUS Stablecoin Act) in the United States.
Coinbase Posts Strong Earnings In Q3 2025
While Coinbase’s Q3 earnings call trended for an unusual reason, after CEO Brian Armstrong dropped a list of crypto buzzwords relevant to the Mentions Market, the crypto company delivered strong profits in the last quarter.
The US-based crypto company reported about $1.9 billion in revenue and a bottom line of approximately $432.6 million in 2025’s third quarter, representing a 55% year-over-year increase. Meanwhile, the firm’s Bitcoin holdings have also jumped by 2,772 BTC to 14,458.
As of this writing, the Coinbase stock (COIN) is valued at about $343.78, reflecting a 4.6% jump in the past 24 hours.
While Armstrong may have helped some Kalshi and Polymarket users make a little money, he was also illustrating how easily these markets can be manipulated.
This article was first published on The Bit Journal. The Coinbase revenue in the third quarter reached 1.9 billion dollars, up 26% from the previous one and also beating Wall Street expectations, set at 1.8 billion dollars. The strong earnings performance underlines the company’s growing diversification beyond trading fees and its strengthening market position amid a volatile crypto environment.
According to Yahoo Finance, analysts had expected $1.8 billion in revenue for Coinbase, up 50% from the year-ago period. The cryptocurrency exchange also posted earnings per share of $1.50 against a forecast of $1.10, with net income reaching $433 million down from $1.4 billion in Q2 but significantly higher than the $75 million reported in the same period last year.
Crypto Trading Surge Strengthens Coinbase Revenue
Anil Gupta, Coinbase’s vice president of investor relations, attributed the sequential decline in net income to “mark-to-market adjustments” related to the exchange’s holdings in stablecoin issuer Circle and its crypto portfolio. There’s non-cash noise in the net income number, Gupta said, adding that Coinbase revenue growth and profit margins remained robust. Overall, it was a great quarter for us.
Coinbase shares jumped in after-hour trading to 341 dollars, extending their year-to-date 33% gain. The stock reached its high at about 444 dollars in mid-July when crypto sector investor optimism went up.
Transaction-based income remained the company’s largest contributor to Coinbase revenue, totaling $1 billion a 37% quarter-over-quarter increase and well above the $573 million recorded a year ago. The surge in Q3 was powered by renewed market activity as BTC and ETH reached their all-time highs.
Along with an increase in trading volumes, the company’s stablecoin and staking services continued to power Coinbase revenue. The exchange recorded $355 million in revenue related to stablecoins, representing a 43% increase year-over-year, while posting $185 million from blockchain rewards.
USDC, the stablecoin issued by Circle and partially backed by Coinbase, reached an all-time high of a $74 billion market capitalization, while $15 billion in USDC held within Coinbase’s ecosystem further supported Coinbase revenue diversification.
Gupta also emphasized “really good progress” in the derivatives business of Coinbase, subsequent to its purchase of Deribit. The latter contributed materially to overall Coinbase revenue performance. It reported $840 billion in notional derivatives trading volume in Q3.
Stablecoin Adoption Surges Across Base Network
Meanwhile, the firm’s Ethereum layer-2 network, Base, was still a strong contributor to Coinbase revenue. In its earnings report, Coinbase attributed “higher average ETH prices and increased transaction volume” as key drivers of Base’s revenue growth.
Base has rapidly become a leading layer-2 network for stablecoin adoption, with the total value of dollar-pegged tokens hosted reaching $4.6 billion, according to DeFiLlama.
Recently, analysts at JPMorgan estimated that a possible Base token would add $12 billion to $34 billion in value to Coinbase and raised their price target to $404. Developments like this could significantly alter the long-term dynamics of Coinbase revenue streams.
Coinbase confirmed it has filed for a national bank trust charter, joining the ranks of such peers as Circle, Paxos, and Ripple. The move would position Coinbase to expand its revenue model into custodial and financial services under official banking regulations.
Brian Armstrong Reaffirms Coinbase Bitcoin Strategy
Besides that, Coinbase announced new plans to offer tokenized assets, which would further extend revenue sources for Coinbase. The initiative has also come a few months after similar announcements by Kraken and Robinhood.
Coinbase also added $299 million worth of Bitcoin in Q3 and has increased the fair value of its digital assets held for investment to $2.6 billion as of Sept. 30. CEO Brian Armstrong echoed the company’s long-term strategy on X:
“Coinbase is long Bitcoin and we keep buying more.”
Coinbase is long bitcoin.
Our holding increased by 2,772 BTC in Q3. And we keep buying more.
Given the ongoing momentum in derivatives trading, Base network growth, and stablecoin adoption, the revenue outlook for Coinbase looks strong going into the next quarter. Innovation, regulation, and diversification have all been balanced well by the company, making it one of the most resilient players in the global crypto industry.
Conclusion
Coinbase’s third-quarter results highlight the company’s strong financial resilience amid a recovering crypto market. With expanding revenue streams, growing Base network activity, and increasing Bitcoin holdings, Coinbase appears well-positioned for sustained growth. As innovation and regulation converge, the exchange continues to solidify its leadership in the global crypto ecosystem.
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Summary
Coinbase earned $1.9B in Q3, up 26% and above Wall Street forecasts.
Net income hit $433M, higher year-over-year despite valuation adjustments.
Stablecoin, trading, and derivatives revenue surged, driving overall growth.
Base network and token plans strengthened Coinbase’s long-term outlook.
Glossary Of Key Terms
Coinbase Revenue: Total earnings from Coinbase’s crypto operations.
Stablecoin: Cryptocurrency pegged to a stable asset like USD.
USDC: A popular stablecoin jointly managed by Coinbase and Circle.
Derivatives Trading: Contracts based on the value of crypto assets.
Base Network: Coinbase’s Ethereum layer-2 scaling solution.
Tokenized Assets: Real-world assets represented as blockchain tokens.
Circle: Stablecoin issuer and Coinbase’s USDC partner.
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Coinbase CEO Brian Armstrong shared that the company is going ‘long’ on Bitcoin, revealing that the firm’s BTC holdings have increased by 2,772 BTC and will continue to grow. In a recent post shared on X, Armstrong said that the…
Q3 net revenue hit $1.79 billion, up from $1.13 billion a year ago.
Profits soared to $433 million, compared to just $75.5 million last year.
Transaction fee revenue jumped 83% to $1 billion amid a crypto market upswing.
A surging crypto market powered Coinbase Global to a stronger-than-expected third quarter, with the exchange reporting significant beats on both profit and revenue as trading activity boomed and its services division hit a new record.
The impressive results, which reflect a crypto market that saw Bitcoin reach an all-time high during the quarter, underscore the company’s successful strategy of catering to advanced traders and expanding its institutional offerings.
The news sent Coinbase stock up as much as 2.6% in after-hours trading.
Coinbase’s financial results significantly outpaced the same period last year.
The company reported a net profit of $433 million, or $1.50 per share, a massive increase from just $75.5 million a year ago.
Net revenue for the quarter tallied $1.79 billion, up from $1.13 billion in the prior year.
This was driven by a sharp increase in trading volume, which totaled $295 billion for the quarter, a substantial jump from $185 billion in the same period last year.
Two engines of growth: trading and services
The company’s revenue growth was powered by strong performance in both of its core business segments.
Transaction fee revenue, the company’s traditional bread and butter, climbed 83% from a year ago to hit $1 billion.
Coinbase CFO Alesia Haas told Yahoo Finance Executive Editor Brian Sozzi that this growth was fueled by sophisticated market participants.
“We rolled out this new white-glove service offering that’s seen a lot of traction that we’re able to retain and grow these advanced traders on our platform,” she said.
Meanwhile, the company’s subscription and services division—which includes revenue from stablecoins, staking, and interest—rose 34% to a record high of $747 million, demonstrating the company’s successful diversification efforts.
Riding a wave of regulatory clarity
Coinbase credited a more favorable regulatory environment in Washington for creating new opportunities, particularly in the stablecoin sector.
The Trump administration’s move to create a federal framework for stablecoins in July has provided a significant boost.
“We are accelerating payments through stablecoin adoption, which we anticipate will continue given policy tailwinds, and ongoing adoption from financial institutions and corporates for payment and treasury needs,” the company said in its letter to shareholders.
With regulatory clarity accelerating, crypto rails are set to power more of global GDP, and we believe Coinbase is positioned to lead.
The company’s focus on USDC, the second-largest stablecoin, generated $354 million in revenue, with the average USDC held across its products reaching an all-time high of over $15 billion in the quarter.
Strategic moves to capture the institutional market
Coinbase has been aggressively expanding its institutional footprint through both acquisitions and partnerships.
The $2.9 billion purchase of derivatives exchange Deribit in May is already paying dividends. “Our institutional trading revenues, they grew over 120% in the quarter,” Haas said.
The company is also embedding itself in the traditional finance world by forging key partnerships with major US banks.
These include a credit card partnership with JPMorgan Chase, a crypto-as-a-service deal with PNC, and a crypto payments collaboration with Citigroup.
To further enhance these efforts, Coinbase applied for a national trust bank charter earlier this month.
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XRP hovers at a key resistance, signaling a crucial decision point. With momentum building, traders now wonder, will one final dip come before the next major breakout?
XRP Faces A Crucial Decision Zone Amid Ongoing Range
CasiTrades, in a recent market update, highlighted that XRP continues to range within a critical zone, keeping its setup for a potential final wave down valid. The analyst noted that the price remains at a key decision point, with ongoing tests of the Wave 4 highs acting as a firm ceiling against further upside movement.
According to CasiTrades, the pivotal level to watch is $2.82 on Binance. A confirmed breakout and sustained hold above this resistance would invalidate the bearish setup and signal renewed bullish momentum. However, XRP has so far failed to push through, maintaining a range-bound structure between support and resistance, a sign that the market has yet to commit to a clear directional trend.
The analyst emphasized that a V-shaped recovery typically breaks through resistance with strong conviction, but such a move has not been seen here. Instead, XRP’s hesitancy indicates that selling pressure may still be present, preventing a clean continuation to the upside.
Exchange Variations Add Complexity To Market Analysis
CasiTrades went on to explain that most major exchanges are now aligning around their key Fibonacci retracement levels, particularly the 0.618 zone. On Binance, this range sits between $1.35 and $1.46, which the analyst identified as the area where the next corrective wave could complete. According to the expert, this move would finalize the macro Wave 2 correction, paving the way for a powerful Wave 3 impulse that might propel XRP toward $6.50 or even $10.
The analyst emphasized that these lower price levels shouldn’t be viewed as a cause for concern but rather as valuable accumulation opportunities for long-term investors. Historically, zones like these have marked points of strong institutional buying and major trend reversals, presenting some of the best risk-to-reward setups before a large bullish expansion.
CasiTrades also noted that exchange discrepancies add a layer of complexity to the analysis. For instance, during a recent liquidation event, Binance briefly fell to $0.77, while Coinbase never reached its .618 retracement. This variation means traders should always chart on the specific exchange they plan to execute trades on, as price reactions can differ slightly between platforms. In conclusion, the analyst noted that until XRP breaks and holds above $2.82, the market structure still supports the idea of one final downward wave before a major upward cycle begins.
Citigroup teams up with Coinbase to simplify crypto-to-fiat payments for corporate clients.
Citi plans to integrate stablecoin payments, boosting speed and 24/7 transaction access.
Coinbase expands institutional reach as Wall Street embraces blockchain innovation.
Citigroup Inc. and Coinbase Global Inc. are partnering to enhance digital-asset payment solutions for the bank’s corporate clients, marking another major step by a traditional financial institution toward embracing blockchain technology.
The collaboration reflects Wall Street’s growing interest in digital assets after years of regulatory caution and market volatility.
The initiative aims to make it easier for Citi’s institutional clients to move funds between cryptocurrencies and traditional fiat currencies — a long-standing challenge in the digital economy.
The move comes as banks and payment providers increasingly explore blockchain to enable faster, cheaper, and more efficient transactions across global financial networks.
Citi eyes faster, programmable payments
The initial phase of the Citi-Coinbase partnership will focus on simplifying the process of converting crypto to fiat and vice versa, particularly for cross-border transactions.
Debopama Sen, head of payments for Citi Services, said the bank’s clients are increasingly seeking innovations that go beyond traditional transaction models.
Citi’s clients want “programmability and conditional payments and other cost and speed and efficiency aspects,” Sen said, emphasizing the growing demand for payment systems that can operate continuously and offer greater flexibility than conventional financial rails.
Sen added that Citi is also “exploring solutions to really enable on-chain stablecoin payments for our clients” in the coming months, noting that stablecoins could play a key role in the evolution of corporate payment infrastructure.
“Stablecoins will be another enabler in the digital payment ecosystem,” she said.
“It’ll help grow the space, it’ll help grow functionality for our clients.”
Stablecoins — cryptocurrencies typically pegged to fiat currencies such as the US dollar — have become one of the most promising use cases for blockchain technology.
They combine the efficiency of digital payments with the relative stability of traditional money, making them increasingly attractive for corporate transactions and settlements.
Stablecoins seen as cornerstone of digital finance growth
Citi’s “Future of Finance” team, led by Ronit Ghose, has projected that the global stablecoin market could surpass $1 trillion within five years, up from about $300 billion today.
This growth outlook underscores how blockchain-based assets are rapidly evolving from speculative investments to tools for practical financial operations.
The collaboration with Coinbase follows Citi’s earlier introduction of a blockchain platform that enables institutional clients to move tokenized deposits around the clock within the bank’s internal network.
This system offers clients real-time settlement capabilities, reducing the delays and costs associated with traditional payment systems such as ACH and wire transfers.
Coinbase’s institutional infrastructure expands
Coinbase, one of the world’s leading digital-asset exchanges, brings extensive infrastructure and experience to the partnership.
The company works with more than 250 banks and financial institutions globally, according to Brian Foster, Coinbase’s global head of crypto-as-a-service.
“Coinbase has spent years developing very specialized infrastructure,” Foster told Bloomberg News, adding that traditional financial institutions are increasingly seeking partnerships across various crypto-related services — from spot and derivatives trading to custody, staking, and payments.
Foster said that growing interest in stablecoins, crypto exchange-traded funds (ETFs), and tokenized assets is prompting more financial institutions to engage with blockchain-based systems.
As Citigroup and Coinbase explore new ways to bridge traditional banking and digital assets, their collaboration signals how mainstream finance is steadily integrating blockchain into its infrastructure — moving beyond experimentation toward real-world adoption.
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