Coinbase COIN Earnings Report: What To Expect? Will Circle Save COIN?

Coinbase isn’t your unusual crypto trade. Even when most of in the present day’s Ethereum killers have been ideas, the ramp helped merchants and traders wager massive cash on 1000X cash. In 2025, Coinbase isn’t an trade however a thriving ecosystem powering a few of the trade’s core infrastructure.

Their leaning on compliance might need pushed it down the market rankings, permitting Binance to shine. Even nonetheless, Coinbase is a crypto powerhouse. As of late October 25, Coinbase generated over $2.4 billion in 24-hour buying and selling quantity, which is roughly 10X lower than what Binance and Gate processed inside that window.

(Supply: Coingecko)

Whereas buying and selling quantity is a metric that the majority analysts use, they need to be cautious of wash buying and selling and different manipulation ways used to pump trade exercise in exchanges outdoors the USA and the EU. Coinbase’s very pro-regulation stance helps clear it from wash buying and selling, a vice that prevented the SEC from approving spot Bitcoin and Ethereum ETFs for years.

DISCOVER: Greatest Meme Coin ICOs to Spend money on 2025

Coinbase Q3 2025 Earnings: What to Count on?

As crypto grew, so did Coinbase, and the demand for extra providers and choices equally exploded. The trade buckled underneath the stress, increasing the variety of cash to incorporate a few of the high Solana meme cash.

Examine your telephone – the wait is over.

Discover hundreds of thousands of property, moments after they launch, proper from the Coinbase app.

DEX buying and selling is stay for all U.S. customers (ex. NY).

Coming quickly: extra property, extra networks, extra nations. pic.twitter.com/XryNvDXkdL

— Coinbase (@coinbase) October 8, 2025

Coinbase additionally went public, and COIN is now buying and selling on NASDAQ with a market cap of over $91Bn.

After GOOGL, Meta, and Microsoft launched their Q3 2025 earnings stories yesterday, on October 28, the funding group is keen to see whether or not Coinbase will beat analysts’ expectations tomorrow, on October 30.

In a press launch earlier this month, on October 10, when a few of the finest cryptos to purchase instantly plunged, Coinbase International mentioned it might publish its Q3 2025 shareholder letter, which incorporates monetary outcomes, tomorrow, October 30, after market shut.

Total, analysts are cautiously optimistic however nonetheless anticipate a robust year-on-year rebound from a lackluster Q2 2025. The consensus is that income might develop to over $1.76Bn, up +44% YoY. In the meantime, internet earnings might balloon to over $400M, a +150% YoY change.

Drivers might embody rising crypto costs, which additionally impression buying and selling income generated from, amongst others, subscriptions and institutional choices, together with staking and custody. Buyers also needs to watch the variety of month-to-month transacting customers (MTUs), which can develop to over 8.5M, and income from Circle, the USDC issuer.

DISCOVER: Greatest New Cryptocurrencies to Spend money on 2025

What Occurred In Q2 2025? Is Coinbase Closely Reliant on Circle For Income?

In Q2 2025, Coinbase’s MTUs missed estimates by +10%. Subsequently, an growth in Q3 2025 might sign a revival in retail buying and selling exercise. On the similar time, as one analyst notes, a giant chunk of Coinbase’s income got here from Circle. This isn’t good.

The analyst observes {that a} massive chunk of Coinbase’s $1.5Bn income got here from its strategic investments.

Though Coinbase’s “investments” have been fully hidden from Q2 2025 earnings, it was revealed that Coinbase solely made one funding in Circle, which matured in Q2 2025.

He added that if the entire income from Circle is deducted (at $1.47Bn, which stays paper beneficial properties till the trade sells), Coinbase’s earnings will fall drastically, leaving them with an working earnings of $30M.

Some VERY INTERESTING numbers from @Coinbase's newest quarterly earnings.

Thoughts you this firm is value $90 BILLION DOLLARS.

Firm had $2.5B in income and $1.5B in working bills. Leaving us with an internet earnings of $1B.

Spectacular proper? Not whenever you dig deeper. pic.twitter.com/cuxwhsz2r3

— Derivatives Monke (@Derivatives_Ape) October 28, 2025

Circle, it ought to be famous, went public in June 2025, and shares surged post-IPO, successfully inflating the worth of Coinbase’s holdings, since they personal a minority stake within the USDC issuer.

DISCOVER: 15+ Upcoming Coinbase Listings to Watch in 2025