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Features writer
Connor Sephton
Features writer
Connor Sephton
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Facts checked by
Elena Bozhkova
Features Lead
Elena Bozhkova
Coinbase earnings were really box office in the third quarter – increase of more than 400% compared to the same period last year.
But on Crypto Twitter, it’s not the financiers who grab the headlines…it’s the CEOs Brian Armstrong he did at the end of a call with analysts. He said:
“I was a little distracted because I followed the market predictions about what Coinbase will say on its next earnings call. I just want to add here the words Bitcoin, Ethereum, blockchain, staking and Web3 – to make sure we have those in before the end of the call.”
Bets were placed on what would be quoted through Polymarket and Kalshi, with tens of thousands of dollars staked. Thanks to Armstrong, anyone who voted “yes” would have made a tidy profit.
This type exposes one of the major problems with Polymarket: if someone in a position of power realizes that bets have been taken on their actions, they could change their behavior. (It is important to emphasize that there is no suggestion of insider trading here – and it is doubtful that Armstrong cashed in on this stunt.)
While some saw the funny side, describing the entrepreneur as a “legend”, others openly wondered if it was market manipulation. Cinneamhain Ventures partner Adam Cochran wasn’t amused either, writing:
“If I were the CEO of an exchange with CFTC-regulated products, I wouldn’t just intentionally manipulate the results of the prediction markets on other CFTC-regulated exchanges during an earnings call… and then post it on Twitter.
Let’s get back to the main event itself: Coinbase’s results for the third quarter of 2025. Net income in the three months to the end of September was a healthy $ 432.6 million – much more than the $ 75.5 million over the same period in 2024. It is the equivalent of $ 1.50 per share, much more than the $ 1.10 anticipated by some analysts.
Revenue was also greater than expected at $1.8 billion, with $1 billion of that linked to transactions as trading volumes spiked – with users returning to the exchange to capitalize on Bitcoin and Ether hitting new record highs.
In a letter to shareholders, Coinbase revealed that it continues to increase the number of cryptocurrencies that can be bought and sold through its platform – which means that it now represents 90% of the total market capitalization of the industry.
In that ever-so-controversial earnings call, Armstrong said it was a “great quarter” — and Coinbase’s core business is “incredibly strong.” He also stressed that the exchange held up well when the markets crashed on October 10, with billions of dollars in liquidations as Binance has experienced technical difficulties.
“We actually operated very well without interruption. And we didn’t have any downtime or degraded latency around the market data or anything like that. So that was the result of a lot of investments that we made in the last year or two in doing load tests … many major exchanges experienced extended interruptions during that time and we didn’t have.”
Armstrong reiterated his ambition to turn Coinbase into the “Everything Exchange” – and remains steadfast in his belief that all assets will eventually migrate to the chain. He continued to confirm that a special presentation will take place on December 17, where Coinbase will reveal the products that it has worked on in the second half of this year.
Coinbase’s stock price jumped during Friday’s trading session on Wall Street – up 8.8% at the time of writing. COIN has also jumped by 75.8% in the last six months, and is now double what it was worth a year ago.
However, the big challenge now is what happens next. The financial performance of top exchanges can often fluctuate wildly from quarter to quarter, as they rely on top assets showing bullish momentum. With BTC on the verge of closing this month down 2.7% – its first October loss since 2018 – Coinbase may struggle to sustain these impressive returns.
However, some analysts still believe that Coinbase stock has some upside potential, with one setting a target of $421 per share, an increase of about 19% from current levels.
