Coinbase increased its Bitcoin holdings by 2,772 BTC in Q3, reaching a total of 14,548 BTC valued at $1.57 billion. Net income surged to $432.6 million, with total revenue hitting $1.9 billion, up 55% from the previous year. Transaction revenue rose to $1.05 billion, while subscription revenue increased to $746.7 million.

Coinbase aims to become an “Everything Exchange” by expanding tradable assets and derivatives offerings. They plan to advance stablecoin adoption with USDC and tokenized stocks. The market responded positively with COIN shares up 2.84% after-hours following a 5.8% decline during regular trading.

Institutional revenue accounted for 80% of Coinbase’s $295 billion trading volume in Q3, with assets under custody surpassing $300 billion. Ether’s transaction volume share on Coinbase almost matched Bitcoin’s in Q3, reflecting growing adoption.

Coinbase saw increased activity on Ethereum layer 2 Base in Q3, along with the launch of Flashblocks to enable faster transactions. CEO Brian Armstrong did not provide updates on a potential Base token launch during the earnings call.

Read more at CoinTelegraph: Coinbase’s Bitcoin Holdings Rose by 2,772 BTC in Q3