**[Coinbase Q3 Earnings Report: Net Income of $433 Million, Total Revenue of $1.9 Billion, $299 Million Increase in Bitcoin Holdings]** According to Forbes, cryptocurrency exchange Coinbase reported net income of $433 million for the third quarter. Total revenue grew 25% quarter-over-quarter to $1.9 billion. During the quarter, Coinbase increased its Bitcoin holdings by $299 million through weekly purchases, bringing its total holdings to 14,548 BTC. As of September 30, the fair market value of its crypto assets held for investment reached $2.6 billion (including $1.6 billion in Bitcoin), with an additional $1 billion in crypto assets used as collateral. Including crypto assets, Coinbase's total available resources amounted to $15.5 billion. Transaction revenue for the quarter was $1 billion, a 37% increase from the previous quarter but still significantly below early-year levels. In Q4 2024, Coinbase's transaction revenue reached $1.6 billion, while in Q1 2025, it was $1.3 billion. This trend indicates that despite rising Bitcoin prices and increased market activity, trading volume has not reached the level needed for Coinbase to achieve substantial revenue growth. Retail investor trading volume reached $59 billion, a 37% quarter-over-quarter increase, outperforming the U.S. spot market. Retail investor trading revenue rose to $844 million, a 30% increase. Institutional investor trading volume reached $236 billion, a 22% quarter-over-quarter increase, with trading revenue of $135 million, up 122%. Forty-seven days after acquiring Deribit, Deribit contributed $52 million in revenue to Coinbase. Subscription and services revenue for the quarter reached $747 million, a 14% quarter-over-quarter increase. Stablecoin revenue grew to $355 million, up 7% quarter-over-quarter. The average balance of USDC held within Coinbase products increased 9% to $15 billion, while USDC balances outside the platform grew 12% to $53 billion. Additionally, Bloomberg reported that Coinbase CEO Brian Armstrong stated during a conference call that Coinbase plans to host a product showcase on December 17, during which it will reveal more details about tokenized stocks and prediction markets. The company will continue to focus on acquisition opportunities, particularly in the trading and payments sectors.