Coinbase's revenue reached $1.90 billion in the third quarter, an increase of 37% from the previous quarter, driven by the increase in Ethereum trading activity and subscription service revenue. Despite the slight decrease in the proportion of bitcoin transactions, several Wall Street institutions believe that the company has successfully diversified its business and are optimistic about the long-term growth of its derivatives, stablecoins and Base network.
William Blair pointed to Coinbase's transformation from a pure trading platform to a crypto financial infrastructure company, with profit margins expected to rise above 60%. JPMorgan called the quarter "stronger than expected", but cautioned that acquisitions and expansion would drive up costs. Benchmark highlighted 7% sequential growth in stablecoin revenue. Bernstein compared Coinbase to "crypto AWS", and expects its Base ecosystem and potential future token offerings to be key catalysts.
Analysts are optimistic about Coinbase: derivatives and stablecoins will be the main growth force in the future
2025-10-31 23:00:46
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