Coinbase boosted its Bitcoin holdings by 2,772 BTC in Q3 amid a strong quarter of earnings, advancing its vision to become an Everything Exchange.
Coinbase recorded another profitable quarter with $432.6 million in net income in Q3 on the back of $1.9 billion in revenue, while Coinbase’s Bitcoin holdings rose by 2,772 BTC.Coinbase’s Bitcoin stash grew by 2,772 BTC during the third quarter as it doubled down on its Bitcoin strategy and continued work to become an “Everything Exchange.
”to its Q3 report on Thursday. Meanwhile, net income increased over fivefold to $432.6 million year-on-year, and total revenue rose to $1.9 billion, up 55% from a year ago. This was bolstered by transaction revenue, which climbed to $1.05 billion, while subscription revenue — including stablecoin revenue and blockchain rewards — rose 34.3% year-on-year to $746.7 million.Coinbase said it also continued expanding its business verticals in an effort to become an “Everything Exchange” during the quarter. “We laid out our vision of an Everything Exchange last quarter, and made progress in Q3 by increasing the number of tradable spot assets, expanding our derivatives offerings, and continuing to lay the groundwork for additional pillars,” Coinbase said in the report.The market responded positively to the Q3 results, with COIN shares up 2.84% in after-hours trading following a near 5.8% decline during regular trading hours on Thursday, according to Google Finance data.The $299 million worth of Bitcoin buys show Coinbase’s commitment to accumulating BTC as a long-term asset. It also custodies the cryptocurrency for Wall Street asset managers that offer spot BitcoinInstitutional revenue continues to dominate Coinbase trading activity, accounting for 80% of the $295 billion trading volume in Q3, while its assets under custody surpassed $300 billion, setting another all-time high.) share of Coinbase transaction volume almost caught up to Bitcoin’s after recording less than half the share of Bitcoin’s in the previous three quarters.rose across trading, payments, lending, and social apps in Q3, while Coinbase also launched Flashblocks, a transaction preconfirmation feature that enables 200-millisecond block times.
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