CORRECTED-Coinbase Q3 EPS beats estimates on higher trading volumes

Overview

• Coinbase Global EPS for Q3 beats analysts' expectations

• Net income for Q3 exceeds analyst estimates

• Adjusted EBITDA for Q3 beats consensus

Outlook

• Coinbase expects October transaction revenue to be approximately $385 mln

• Subscription and services revenue forecasted at $710-$790 mln for Q4'25

• Technology & development expenses projected at $925-$975 mln for Q4'25

Result Drivers

• EXPANDED ASSET COVERAGE - Coinbase increased tradable spot assets, covering 90% of total crypto asset market capitalization

• DERIVATIVES GROWTH - Derivatives business reached all-time high share with U.S. perpetuals and 24/7 futures trading, aided by Deribit acquisition

• STABLECOIN ADOPTION - USDC market capitalization hit record high, driven by policy tailwinds and adoption from financial institutions

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 23 "strong buy" or "buy", 14 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

• Wall Street's median 12-month price target for Coinbase Global Inc is $404.50, about 13.8% above its October 29 closing price of $348.61

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.