Coinbase Increases Bitcoin Holdings in Q3
Coinbase, one of the largest cryptocurrency exchanges, added 2,772 BTC worth $300 million to its treasury in the third quarter. CEO Brian Armstrong confirmed the purchase. This raises Coinbase’s total Bitcoin holdings to 14,548 BTC, valued at about $1.57 billion, according to its Q3 earnings report released Thursday.
The move supports Coinbase’s long-term Bitcoin strategy and its goal to become an “Everything Exchange”—a platform offering diverse crypto products.
Strong Financial Performance in Q3
Coinbase reported significant growth in Q3. Net income rose more than five times year-on-year to $432.6 million. Total revenue increased by 55% to $1.9 billion.
- Transaction revenue reached $1.05 billion.
- Subscription income, including stablecoin revenue and blockchain rewards, grew 34.3% to $746.7 million.
Institutional investors accounted for 80% of Coinbase’s $295 billion trading volume. Assets under custody hit a new peak, surpassing $300 billion. Coinbase’s Ethereum layer-2 network, Base, saw growing adoption in trading, payments, and social apps.
Market Reaction to Earnings
Following the earnings report, Coinbase’s stock (COIN) rose 2.84% in after-hours trading after earlier falling 5.8%, according to Google Finance.
Coinbase’s Q3 results highlight its growing influence in institutional trading and ongoing commitment to Bitcoin. The exchange is expanding its services with the Everything Exchange approach and the Base ecosystem.
For more details, see Coinbase’s Q3 Shareholder Letter.
