Coinbase increased its Bitcoin reserves by 2,772 BTC in the third quarter as it doubled down on its Bitcoin strategy and continued its commitment to becoming the "everything exchange."
According to the third-quarter report released on Thursday, Coinbase's Bitcoin holdings have now reached 14,548 BTC, valued at $1.57 billion. Meanwhile, net revenue grew more than fivefold year-over-year to $432.6 million, with total revenue rising to $1.9 billion, a 55% increase year-over-year.
This growth was driven by trading revenue, which surged to $1.05 billion, while subscription revenue—including stablecoin income and blockchain rewards—grew 34.3% year-over-year to $746.7 million.
Coinbase stated that it continued to expand its business verticals this quarter, striving to become the "everything exchange."
"We articulated the vision of the everything exchange last quarter and made progress in the third quarter by increasing the number of tradable spot assets, expanding derivative products, and continuing to lay the groundwork for other pillars," Coinbase said in the report.
A key part of Coinbase's everything exchange vision is to promote stablecoin adoption through Circle's USDC stablecoin, as well as tokenized stocks, prediction markets, and early token sales.
The market reacted positively to the third-quarter performance; according to Google Finance data, COIN's stock price rose 2.84% in after-hours trading, following a nearly 5.8% drop during regular trading hours on Thursday.
The $299 million Bitcoin purchase demonstrates Coinbase's commitment to accumulating BTC as a long-term asset. It also serves as a custodian for Wall Street asset management firms offering spot Bitcoin exchange-traded funds.
Institutional revenue continued to dominate Coinbase's trading activity, accounting for 80% of the $295 billion trading volume in the third quarter, while its custodial assets exceeded $300 billion, setting a new all-time high.
Interestingly, Ethereum (ETH) nearly caught up to Bitcoin (BTC) in terms of trading volume share on Coinbase, with ETH accounting for 22% compared to BTC's 24%. In the first three quarters, ETH's share was less than half that of Bitcoin.
Meanwhile, activity on the Ethereum Layer 2 network Base grew in trading, payments, lending, and social applications in the third quarter. Coinbase also launched Flashblocks, a transaction pre-confirmation feature that enables 200-millisecond block times.
During the earnings call, Coinbase CEO Brian Armstrong did not share any new details on the company's potential launch stage for the Base token.
Related: JPMorgan bets on tokenization, upcoming Kinexys Fund Flow
Original article: “Coinbase Increases Bitcoin (BTC) Holdings by $300 Million in Q3”
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