At a time when markets remain cautious on crypto, Coinbase and Strategy both logged blockbuster Q3 results while doubling down on their Bitcoin exposure. The two crypto heavyweights are signalling conviction, despite the pressure and have develiered on crypto flows as well as proving Bitcoin to a core asset.
Coinbase: Strong fundamentals and crypto flows
Coinbase posted net revenue of about $1.793 billion in Q3, up significantly year-over-year, with net income of $433 million. The company’s subscription and services revenue hit ~$747 million. Net income came in at $433 million, and Adjusted EBITDA was $801 million. In its letter to shareholders, the exchange said that it had began executing the foundations of the Everything Exchange vision by expanding tradable spot assets (including integrated DEX access), scaling U.S. perpetual futures, adding global options platform with Deribit, and strengthening custody.
We had a strong Q3 at Coinbase:
– Significant revenue, and positive adjusted EBITDA
– Continued progress on our Everything Exchange vision
– Notable strength across derivatives products
Here’s a quick overview of our Q3 financial results: https://t.co/JfC0LaeAIl— Brian Armstrong (@brian_armstrong) October 30, 2025
Interestingly, Coinbase increased its Bitcoin holdings by around 2,772 BTC during the quarter, raising its total to roughly 14,548 BTC.This places it among the top corporate holders globally. The exchange also saw strong growth in its stablecoin business with USDC revenues clocking in ~$355 million and assets under custody hitting the ~$300 billion mark.
Strategy enjoy spoils of BTC gains
Strategy formerly known as MicroStrategy reported operating income of ~$3.9 billion and net income of ~$2.8 billion for Q3. It reported a diluted EPS of $8.42 per share, marking a second consecutive quarter of significant positive earnings. The company held ~ 640,808 BTC as of late October, at a cost basis of ~$47.44 billion, which could be averaged at ~$74,032 per Bitcoin.
“With this momentum, we are reaffirming our full year targets of $20 billion BTC $ Gain and 30% BTC Yield,” said Phong Le, President and Chief Executive Officer. They have generated a BTC Yield of 26% and BTC $ Gain of $13 billion, year-to-date.
CFO Andrew Kang,is confident of achieve their guidance set assuming that Bitcoin price touches ~$150,000 by year-end.
Betting big on Bitcoin
The latest earning results from Coinbase and Strategy show that big companies aren’t just backing crypto ETFs anymore, they’re now buying Bitcoin themselves and finding new ways to make money through crypto.
This shift is happening alongside major growth in the stablecoin market, which now stands at over $160 billion. There is record activity in crypto derivatives, and more companies are using crypto in their financial strategies.