Coinbase has announced a robust financial performance for the third quarter of 2025, with net income reaching $433 million on revenues of $1.8 billion, surpassing analyst expectations. This represents a 32% increase in net income compared to previous periods, driven by a resurgence in crypto trading and stablecoin adoption. The exchange's stock saw gains of nearly 32% since the start of the year, though it later consolidated.
Stablecoins emerged as a key profit driver, with stablecoin-related revenue hitting $355 million. Average USDC balances across Coinbase products reached a record $15 billion, marking a 7% increase in revenue and a 9% rise in balances from Q2. This growth is attributed to financial institutions increasingly using tokenized dollars for settlement, yield strategies, and cross-border payments.
Amid this success, Coinbase continued to bolster its Bitcoin holdings, with CEO Brian Armstrong announcing on X that the company added 2,772 BTC to its reserves in Q3. The exchange also expanded through strategic moves, including the $2.9 billion acquisition of Deribit in Q2 and partnerships with major banks like JPMorgan, Citigroup, and PNC to offer crypto-as-a-service integrations.
The focus on user experience and wallet infrastructure is gaining momentum, highlighted by the Best Wallet Token ($BEST) presale raising over $16.7 million. $BEST tokens are priced at $0.025875, with early buyers offered 79% staking yields. The project aims to create a multichain Web3 wallet supporting over 60 blockchains, including Ethereum, BNB, Solana, XRP, Hedera, and Cardano, and features like a cross-chain DEX, presale aggregator, and crypto debit card.
This trend is further underscored by Consensys, the parent company of MetaMask, reportedly preparing for an initial public offering (IPO) with JPMorgan and Goldman Sachs. A successful IPO could validate investor interest in wallet infrastructure, benefiting emerging projects like $BEST. Analysts project potential gains for $BEST, with some predicting up to 100x returns, as the token offers fee discounts, governance rights, and enhanced staking rewards.
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