Earnings

Coinbase Revenue Holds at $1.2 Billion as Volatility Falls

The Tip Desk · October 29, 2026 · 3 min read

Subscription and services reached $570 million, or 49% of net revenue, as transaction revenue slipped 1% to $590 million.

Coinbase Global (COIN) reported total revenue of $1.2 billion for the third quarter, unchanged from the prior quarter, even as total market crypto trading volume fell 10% and average crypto market capitalization stayed flat.

The crypto exchange said crypto asset volatility declined 15% quarter over quarter and reached multi-year lows, suppressing trading activity. Total market crypto spot trading volume declined 6% and total market crypto derivatives trading volume declined 11%. Total crypto market capitalization was up 37% in the period.

Transaction revenue was $590 million, down 1% from the second quarter. Consumer transaction revenue was $450 million, roughly unchanged, after 9% and 6% declines in consumer crypto spot trading volume and crypto derivatives trading volume. The company said prediction-markets growth cushioned that line. Institutional transaction revenue was $92 million, down 8%, which it described as roughly in line with market declines. Other transaction revenue was $48 million, up 2%.

Subscription and services revenue was $570 million, up 3%, and accounted for 49% of net revenue. Stablecoin revenue was $307 million, up 5%, which the company attributed to a new all-time high of $22 billion in average USDC held in Coinbase products and higher interest rates, partially offset by off-platform balances. Blockchain rewards were $86 million, up 3%, from price effects and growth in native units staked. Interest and finance fee income was $69 million, up 4%, reflecting an all-time high in average daily loan book balance. Other subscription and services revenue was $109 million, down 4%, as an all-time high in paid Coinbase One subscribers partially offset declines in milestone-based partnership and other revenue.

Adjusted EBITDA was $333 million. Net income was $719 million. Cash and cash equivalents were $8.6 billion.

Adjusted expenses were $975 million, below the company’s July outlook of $980 million to $1.08 billion. Transaction expenses were $233 million versus an outlook of about $245 million. Stock-based compensation was 16.8% of net revenue against a mid-teens outlook.

Coinbase crypto trading volume market share rose to 10.7% from 10.3% in the second quarter, the fourth consecutive quarter of growth, with gains in both spot and derivatives. The company said spot share gains were driven by stablecoin demand globally and derivatives share growth by momentum across its products. Assets on platform were $377 billion, or 12.5% of total crypto market capitalization, returning to peak AOP market share after 11.2% in the second quarter.

Average USDC held in Coinbase products hit a new all-time high of $22 billion, or about 30% of average USDC market capitalization. The company said the figure reflected the full-quarter impact of a Hyperliquid USDC balance that arrived in June.

Prediction markets reached more than $200 million in annualized revenue, with 82% quarterly compound growth since launch. Daily traders were up more than 60% from the second quarter. The company said the product had a diversified contract mix, with non-sports categories showing growth through seasonally slower sports months, and that recurring contracts such as crypto volatility were driving engagement between major events.

The company said INTX/Deribit integration was completed in October, creating a unified regulated global exchange for U.S. and ex-U.S. customers, and that some near-term volatility in volumes was expected as participants adjusted. A Coinbase Pro relaunch covering spot, futures, perpetuals, options and equities is planned for the fourth quarter.

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