Coinbase COIN Earnings Update: What Should We Anticipate? Is Circle Going to Rescue COIN?

Coinbase stands out as an exceptional crypto trading platform. While many of today’s ETH competitors were still mere ideas, the network facilitated significant investments for traders and investors in 1000X coins. Looking ahead to 2025, Coinbase has evolved beyond just an exchange, becoming a vibrant ecosystem that supports key infrastructure within the industry.

Their commitment to compliance may have hindered their market position slightly, allowing Binance to take the spotlight. Nevertheless, Coinbase remains a formidable player in the crypto realm. As of late October 25, Coinbase reported more than $2.4 billion in trading volume over a 24-hour period, approximately 10X lower than the volumes processed by Binance and Gate during the same timeframe.

(Source: Coingecko)

While trading volume is a commonly used metric among analysts, they should be cautious of wash trading and other tactics that gyms exchange activity in markets outside the US and the EU. Coinbase’s strong pro-regulation approach helps it avoid the pitfalls of wash trading, a challenge that has kept the SEC from approving spot BTC and Ethereum ETFs for years.

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Coinbase Q3 2025 Earnings: Anticipations?

As the trading market expanded, so did Coinbase, resulting in surging demand for additional services and offerings. The trading network found itself under pressure, broadening its list of cryptocurrencies to encompass some of the leading Solana meme coins.

Check your device – the wait has concluded.

Access millions of assets moments after they become available, straight from the Coinbase app.

DEX trading is now available for all U.S. users (except NY).

Coming soon: increased assets, enhanced networks, and expansion into more countries. pic.twitter.com/XryNvDXkdL

— Coinbase (@coinbase) October 8, 2025

Coinbase also made its public debut, and TOKEN is currently traded on NASDAQ, boasting a trading market valuation of over $91 billion.

After GOOGL, Meta, and Microsoft released their Q3 2025 earnings reports on October 28, the trading market is keenly awaiting whether Coinbase will surpass analysts’ predictions on October 30.

In a press update made earlier this month on October 10, when several of the top cryptocurrencies to consider experienced a sudden decline, Coinbase Global stated that it would release its Q3 2025 shareholder letter, detailing financial results, tomorrow, October 30, after trading market closure.

Overall, analysts are cautiously optimistic but anticipate a notable recovery from the mediocre performance of Q2 2025. The forecast suggests that revenue might exceed $1.76 billion, marking a +44% increase year-over-year. Additionally, net income could surge beyond $400 million, indicating a +150% year-over-year change.

Factors contributing to this could include rising crypto asset prices, which also affect trading revenues derived from various sources, including subscriptions and institutional services such as locking tokens and custody. Investors should also monitor the growth in monthly transacting users (MTUs), which may exceed 8.5 million, along with revenue generated from Circle, the issuer of USDC.

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What Transpired in Q2 2025? Is Coinbase Highly Dependent on Circle For Revenue?

In Q2 2025, Coinbase’s MTUs fell short of projections by +10%. Consequently, an increase in Q3 2025 could indicate a resurgence in retail trading activity. Yet, as one analyst pointed out, a significant portion of Coinbase’s revenue relied on Circle, a troubling aspect.

The analyst noted that a substantial portion of Coinbase’s $1.5 billion revenue stemmed from its strategic acquisitions.

Although the “investments” made by Coinbase were not disclosed in the Q2 2025 earnings, it surfaced that Coinbase had only invested in Circle, which matured in Q2 2025.

He added that if the total revenue attributed to Circle is subtracted (at $1.47 billion, which remains unrealized gains until the trading protocol executes a sale), Coinbase’s income would plummet, yielding them an operating income of just $30 million.

Some VERY INTRIGUING figures from @Coinbase‘s recent quarterly earnings.

Keep in mind, this company is valued at $90 BILLION DOLLARS.

Company reported $2.5 billion in revenue and $1.5 billion in operational costs, resulting in a net income of $1 billion.

Impressive, right? Not when you analyze further. pic.twitter.com/cuxwhsz2r3

— Derivatives Monke (@Derivatives_Ape) October 28, 2025

It’s important to note that Circle went public in June 2025, and its stock prices soared post-IPO, effectively inflating the value of Coinbase’s holdings, given their minority interest in the USDC issuer.

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