Overview

* EPS for Q3 beats analyst expectations

* Net income for Q3 exceeds analyst estimates

* Adjusted EBITDA for Q3 beats consensus

Outlook

* Coinbase expects October transaction revenue to be approximately $385 mln

* Subscription and services revenue forecasted at $710-$790 mln for Q4'25

* Technology & development expenses projected at $925-$975 mln for Q4'25

Result Drivers

* EXPANDED ASSET COVERAGE - Coinbase increased tradable spot assets, covering 90% of total crypto asset market capitalization

* DERIVATIVES GROWTH - Derivatives business reached all-time high share with U.S. perpetuals and 24/7 futures trading, aided by Deribit acquisition

* STABLECOIN ADOPTION - USDC market capitalization hit record high, driven by policy tailwinds and adoption from financial institutions

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 $1.79

Revenue bln

Q3 EPS Beat $1.50 $1.05

(21

Analysts

)

Q3 Net Beat $433 mln $308.66

Income mln (20

Analysts

)

Q3 Beat $801 mln $709.45

Adjusted mln (23

EBITDA Analysts

)

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 23 "strong buy" or "buy", 14 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

* Wall Street's median 12-month price target for Coinbase Global Inc ( COIN ) is $404.50, about 13.8% above its October 29 closing price of $348.61

For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)