REV: $2.27B vs $1.84B exp.
Revenue: +138% YoY
Net Income: +300% YoY
Transaction Revenue: +194% YoY
Subscription Services: +71% YoY
Trading Volume: +185% YoY
Monthly Transacting Users: +24% YoY
Q4 2025 Outlook:
• Subscription & Services Revenue: $710–$790M
• Transaction Expenses: mid-teens % of net revenue
• Tech & G&A Expenses: $925–$975M (incl. ~$220M SBC)
• Sales & Marketing: $215–$315M (incl. ~$14M SBC)
Other Metrics
🔹 Institutional financing: record highs in average loan balances; customer count up with multi-segment demand (corporates, miners, market makers, hedge funds, asset managers)
🔹 Cross-margining launched (U.S. futures ↔ spot) for institutions; ~2x capital efficiency vs. nearest U.S. competitor
🔹 Coinbase One: Basic tier ($4.99/mo) fully rolled out; early traction incl. international interest
🔹 Coinbase One Card (AmEx): >$100M spend since launch; >$200M deposits from card members