Coinbase Adds 2,772 BTC Worth $300M in Q3, CEO Armstrong Confirms

Coinbase, one of the world’s largest cryptocurrency exchanges, has expanded its Bitcoin strategy in the third quarter, adding 2,772 BTC worth $300 million to its treasury, as confirmed by CEO Brian Armstrong. 

This brings its total Bitcoin holdings to 14,548 BTC, worth about $1.57 billion, according to its Q3 earnings report released Thursday. The accumulation came as Coinbase doubled down on its long-term Bitcoin vision while advancing its goal of becoming an “Everything Exchange.”

The strategy aims to make Coinbase a one-stop platform for all crypto-related products, from trading and stablecoins to tokenized stocks and prediction markets.

How Coinbase performed in Q3

Coinbase reported a sharp improvement in its financial performance. Net income jumped over fivefold year-on-year to $432.6 million, while total revenue rose 55% to $1.9 billion.

Transaction revenue surged to $1.05 billion, and subscription income, which includes stablecoin revenue and blockchain rewards, increased 34.3% to $746.7 million.

The trading activity of Coinbase was still dominated by institutional investors who provided 80% of the overall trading volume of $295 billion.

Assets under custody surpassed $300 billion, marking a new all-time high. Meanwhile, Coinbase’s Ethereum layer-2 network, Base, saw strong adoption in trading, payments, and social apps.

Market reaction

Following the earnings release, Coinbase’s stock (COIN) climbed 2.84% in after-hours trading after a 5.8% drop earlier in the day, according to Google Finance.

The Q3 performance of Coinbase shows that it is increasingly becoming influential in institutional trading and that it continues to invest in Bitcoin as a fundamental asset.

Coinbase is still striving to establish itself as a major player in the dynamic crypto economy with its “Everything Exchange” strategy and growing Base ecosystem.

Also Read: Bitcoin Treasury Firm Sequans Transfers 970 BTC Worth $111M to Coinbase