Coinbase has continued to strengthen its position as a leading crypto exchange by significantly increasing its Bitcoin holdings and broadening its strategic direction. According to its third-quarter (Q3) report released on Thursday, the company added 2,772 Bitcoin (BTC) to its reserves, bringing its total holdings to 14,548 BTC, currently valued at around $1.57 billion.
The move reflects the exchange’s growing confidence in Bitcoin as a long-term store of value, as well as its broader ambition to evolve into what it calls an “Everything Exchange.” The platform aims to offer a comprehensive suite of financial products built on blockchain technology.
In Q3, Coinbase also posted impressive financial results. Net income surged over fivefold to $432.6 million year-on-year, while total revenue climbed to $1.9 billion, marking a 55% increase compared to the same period last year.
This performance was driven largely by strong transaction revenue, which rose to $1.05 billion, and a 34.3% increase in subscription revenue, which includes income from stablecoins and blockchain rewards, reaching $746.7 million.
Institutional Growth Drives Trading Activity on Coinbase
Coinbase’s institutional business remains a cornerstone of its success. The company’s recent $299 million Bitcoin purchase underscores its commitment to BTC accumulation while also serving as custodian for major Wall Street firms preparing for spot Bitcoin ETFs. Institutional investors accounted for 80% of Coinbase’s $295 billion total trading volume during the quarter.
Assets under custody also hit a new milestone, surpassing $300 billion — an all-time high for the exchange. Meanwhile, Ether (ETH) trading volumes nearly matched those of Bitcoin, making up 22% of total trades compared to Bitcoin’s 24%, a notable shift from previous quarters.
Building the “Everything Exchange” and Expanding Base
Coinbase reaffirmed its commitment to building an “Everything Exchange” — a platform supporting not just cryptocurrencies, but also tokenized stocks, prediction markets, and early-stage token launches. A key element of this strategy is promoting Circle’s USDC stablecoin, which plays a central role in Coinbase’s stablecoin ecosystem.
In parallel, adoption of Base, the exchange’s Ethereum Layer 2 network, continued to accelerate in Q3. Activity grew across decentralized apps for trading, payments, and social interaction. The company also introduced Flashblocks, a new feature offering transaction preconfirmations in just 200 milliseconds.
Although CEO Brian Armstrong refrained from revealing new details about a potential Base token, Coinbase’s strategic developments suggest that it remains firmly focused on innovation and long-term growth.