TLDR Coinbase increased its Bitcoin holdings by 2,772 BTC during the third quarter, worth approximately $299 million. The company now holds 14,548 Bitcoin valued at $1.57 billion according to its Q3 report. Net income surged more than fivefold to $432.6 million compared to the previous year. Total revenue increased to $1.9 billion, representing a 55% [...] The post Coinbase Doubles Down on Bitcoin With Massive $300M Purchase appeared first on CoinCentral.TLDR Coinbase increased its Bitcoin holdings by 2,772 BTC during the third quarter, worth approximately $299 million. The company now holds 14,548 Bitcoin valued at $1.57 billion according to its Q3 report. Net income surged more than fivefold to $432.6 million compared to the previous year. Total revenue increased to $1.9 billion, representing a 55% [...] The post Coinbase Doubles Down on Bitcoin With Massive $300M Purchase appeared first on CoinCentral.

Coinbase Doubles Down on Bitcoin With Massive $300M Purchase

TLDR

  • Coinbase increased its Bitcoin holdings by 2,772 BTC during the third quarter, worth approximately $299 million.
  • The company now holds 14,548 Bitcoin valued at $1.57 billion according to its Q3 report.
  • Net income surged more than fivefold to $432.6 million compared to the previous year.
  • Total revenue increased to $1.9 billion, representing a 55% year-over-year growth.
  • Transaction revenue reached $1.05 billion during the quarter.

Coinbase increased its Bitcoin holdings by 2,772 BTC during the third quarter, worth approximately $299 million. The cryptocurrency exchange now holds 14,548 Bitcoin valued at $1.57 billion, according to its Q3 report. This expansion reflects Coinbase‘s commitment to accumulating Bitcoin as a long-term strategic asset.

The company’s financial performance showed strong growth across multiple revenue streams during the quarter. Net income surged more than fivefold to $432.6 million compared to the previous year. Total revenue increased to $1.9 billion, representing a 55% year-over-year growth.

Transaction revenue reached $1.05 billion, driving the overall revenue growth for the period. Subscription revenue, which includes stablecoin revenue and blockchain rewards, rose 34.3% year-on-year to $746.7 million. These figures demonstrate the company’s expanding business operations across different segments.

Coinbase Advances ‘Everything Exchange’ Strategy

Coinbase continued building its vision of becoming an “Everything Exchange” throughout the third quarter. The company increased the number of tradable spot assets available on its platform. It also expanded its derivatives offerings to provide users with more trading options.

The exchange continues laying the groundwork for additional business pillars to support this strategy.

The Everything Exchange vision includes advancing stablecoin adoption through Circle’s USDC stablecoin. Coinbase also plans to incorporate tokenized stocks, prediction markets, and early-stage token sales. These initiatives aim to diversify the platform’s offerings beyond traditional cryptocurrency trading.

Bitcoin and Ethereum Trading Activity

Institutional revenue accounted for 80% of Coinbase’s $295 billion trading volume during Q3. The company’s assets under custody surpassed $300 billion, setting a new all-time high. This growth demonstrates continued trust from institutional investors in Coinbase’s custody services.

Bitcoin represented 24% of Coinbase’s transaction volume during the quarter. Ether’s share reached 22%, nearly matching Bitcoin’s share of the transaction volume. This marks a change from previous quarters when Ether had less than half of Bitcoin’s share.

The market reacted positively to Coinbase’s Q3 results, with COIN shares rising 2.84% in after-hours trading. This followed a 5.8% decline during regular trading hours on Thursday. Coinbase also custodies Bitcoin for Wall Street asset managers offering spot Bitcoin exchange-traded funds.

Activity on Ethereum layer 2 Base increased across trading, payments, lending, and social applications in Q3. Coinbase launched Flashblocks, a transaction pre-confirmation feature that enables block times of 200 milliseconds. CEO Brian Armstrong did not share new details about potentially launching a Base token during the earnings call.

The post Coinbase Doubles Down on Bitcoin With Massive $300M Purchase appeared first on CoinCentral.

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