Coinbase COIN Earnings Report: What to Expect? Will Circle save COINS?

Coinbase is no ordinary crypto exchange. Even when most of today’s Ethereum killers were concepts, the ramp helped traders and investors bet big money on 1000X coins. In 2025, Coinbase will not be an exchange but a thriving ecosystem that will power some of the industry’s core infrastructure.

Its reliance on compliance could have pushed it down the market rankings, allowing Binance to shine. Still, Coinbase is a crypto powerhouse. As of the end of October 25, Coinbase generated over $2.4 billion in 24-hour trading volume, which is about 10 times less than what Binance and Gate processed within that window.

(Fountain: Coingecko)

While trading volume is a metric that most analysts use, they should be wary of wash trading and other manipulation tactics used to drive FX activity on exchanges outside the US and EU. Coinbase’s very pro-regulation stance helps cleanse it of washed trading, a vice that prevented the SEC from approving Bitcoin and Ethereum spot ETFs for years.

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Coinbase Q3 2025 Earnings: What to Expect?

As cryptocurrencies grew, so did Coinbase, and demand for more services and offerings skyrocketed as well. The exchange buckled under the pressure, expanding the number of coins to include some of the best Solana meme coins.

Check your phone: the wait is over.

Explore millions of assets, moments after they launch, right from the Coinbase app.

DEX trading is available to all US (ex. New York) users.

Coming soon: more assets, more networks, more countries. pic.twitter.com/XryNvDXkdL

-Coinbase (@coinbase) October 8, 2025

Coinbase also went public and COIN is now listed on NASDAQ with a market cap of over $91 billion.

After GOOGL, Meta, and Microsoft released their Q3 2025 earnings reports yesterday, October 28, the investment community is eager to see if Coinbase will beat analyst expectations tomorrow, October 30.

In a press release earlier this month, on October 10, when some of the best cryptocurrencies to buy suddenly plummeted, Coinbase Global said it would release its third-quarter 2025 shareholder letter, including financial results, tomorrow, Oct. 30, after the market closes.

Analysts are generally cautiously optimistic, but still expect a strong year-over-year rebound after a lackluster second quarter of 2025. The consensus is that revenue could grow to more than $1.76 billion, a 44% year-over-year increase. Meanwhile, net income could soar to over $400 million, a +150% year-over-year change.

Drivers could include rising cryptocurrency prices, which also impact trading revenue generated by, among others, subscriptions and institutional offerings, including staking and custody. Investors should also look the number of monthly transaction users (MTU), which may grow to more than 8.5 million, and the revenue of Circle, the issuer of USDC.

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What happened in the second quarter of 2025? Is Coinbase heavily dependent on Circle for revenue?

In Q2 2025, Coinbase MTUs missed estimates by +10%. Therefore, an expansion in the third quarter of 2025 could indicate a revival in retail business activity. At the same time, as one analyst points out, a large portion of Coinbase’s revenue came from Circle. This is not good.

The analyst notes that a large portion of Coinbase’s $1.5 billion in revenue came from its strategic investments.

Although Coinbase’s “investments” were completely hidden from Q2 2025 earnings, it was revealed that Coinbase only made one investment in Circle, which expired in Q2 2025.

He added that if Circle’s total revenue is deducted ($1.47 billion, which remains paper profits until the exchange is sold), Coinbase’s revenue will drop sharply, leaving it with operating income of $30 million.

Some VERY INTERESTING numbers of @CoinbaseThe latest quarterly earnings from.

Of course, this company is worth 90 BILLION DOLLARS.

The company had $2.5 billion in revenue and $1.5 billion in operating expenses. Leaving us with a net income of one billion dollars.

Impressive right? Not when you dig deeper. pic.twitter.com/cuxwhsz2r3

– Derivatives Monke (@Derivatives_Ape) October 28, 2025

It should be noted that Circle went public in June 2025 and the stock skyrocketed after the IPO, effectively inflating the value of Coinbase’s holdings as they own a minority stake in the USDC issuer.

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