Coinbase Q3 Revenue Up 55% to $1.8B on Everything Exchange Push

Coinbase Q3 revenue rose 55% year-on-year to $1.8 billion, 25% above Q2. The surge was powered by a $295 billion trading volume across retail and institutional clients. Transaction revenue climbed with BTC, ETH and XRP price gains and record USDC stablecoin balances. Subscription and services revenue increased 14% to $747 million. Institutional transaction revenue more than doubled to $135 million, helped by the Deribit acquisition. Retail trading revenue jumped 30% to $844 million. Operating expenses fell 9%, lifting net income to $433 million. For Q4, Coinbase forecasts $385 million in transaction revenue against $1.4 billion in operating costs. The exchange continues its Everything Exchange expansion into tokenized equities, perpetual futures and Base token exploration. Recent M&A, including the $375 million Echo deal and a higher stake in CoinDCX, underlines its growth push.