Coinbase reported $1.9 billion in Q3 revenue, up 58% year-over-year.

Coinbase reported $1.9 billion in Q3 revenue on Thursday, beating Wall Street estimates and recording a 58% year-over-year ￰0￱ company’s earnings for the three-month period ending September 30 showed a 26% jump compared to the previous ￰1￱ had predicted Coinbase would bring in $1.8 billion, but the San Francisco-based exchange cleared that bar with ￰2￱ company also revealed $1.50 in earnings per share, higher than the expected $1.10, and reported $433 million in net ￰3￱ figure dropped from the $1.4 billion posted in Q2, but it’s a major improvement over the $75 million Coinbase pulled in during the same quarter last ￰4￱ rose 2% on Thursday, and in after-hours trading, the price climbed to $341.

Coinbase’s stock has now gained 33% year-to-date, peaking at $444 in ￰5￱ prices played a ￰6￱ and Ethereum surged to record highs during Q3, pushing user activity back up after a dip in Q2, when traders retreated due to economic uncertainty and geopolitical ￰7￱ earned $1 billion in transaction revenue in Q3, compared to $764 million in Q2 and $573 million in Q3 last ￰8￱ figure includes both retail and institutional activity on its ￰9￱ buys 2,772 BTC, leans into Base growth Coinbase also increased its Bitcoin holdings by 2,772 BTC during ￰10￱ Armstrong, the company’s CEO, confirmed the purchase Thursday, but he didn’t say when the BTC was ￰11￱ it marks one of the largest single-quarter additions to Coinbase’s corporate ￰12￱ and his team have been working to reduce Coinbase’s dependence on trading fees.

Q3 earnings showed that the move is ￰13￱ company pulled in $355 million from stablecoin reserves, up 43% from $247 million in Q3 ￰14￱ revenue mostly came from interest earned on Circle’s USDC, which Coinbase helps ￰15￱ exchange also generated $185 million from blockchain rewards, including staking payouts to ￰16￱ has been doubling down on Base, its Ethereum layer-2 network launched in ￰17￱ in September, the company said it’s considering creating a Base token, but hasn’t committed to a timeline or ￰18￱ the uncertainty, JPMorgan analysts projected the token could generate $12 billion in value for ￰19￱ that same note, JPMorgan bumped its price target to $404, with a possible Base token market cap of $12 billion to $34 ￰20￱ said in its earnings statement that “Base revenue growth was driven by higher average ETH price and a higher number of transactions.” Those transactions are stacking ￰21￱ all layer-2 chains, Base now leads in stablecoin usage, with over $4.6 billion in dollar-pegged tokens, according to ￰22￱ said earlier this month that it has applied for a national bank trust ￰23￱ move puts it alongside companies like Circle, Paxos, and Ripple, all of which are developing banking frameworks for their stablecoin ￰24￱ approved, Coinbase would gain access to more banking privileges and expand its regulated footprint in the U.

S. Armstrong’s team is also moving into tokenized real-world ￰25￱ announced this summer that it’s working on bringing tokenized products to customers, following similar moves by Robinhood and ￰26￱ company hasn’t disclosed which assets will be included, or when this new service will go ￰27￱ ￰28￱ seen where it ￰29￱ in Cryptopolitan Research and reach crypto’s sharpest investors and builders.