Coinbase Global delivered a standout third quarter, crushing Wall Street estimates as resurgent crypto trading volumes and market volatility powered a sharp rebound in profits.

The largest U.S. cryptocurrency exchange reported net income of $433 million, well above the $327 million expected,
while earnings per share came in at $1.50, topping forecasts of $1.16.
Revenue rose to $1.79 billion, beating estimates of $1.77 billion,
and adjusted EBITDA climbed to $801 million, ahead of expectations for $696 million.

Trading activity surged as digital assets rallied in July on optimism around President Trump’s crypto-friendly policies, which drew renewed institutional inflows and pushed bitcoin to fresh record highs. Although the sector saw a pullback in August amid recession concerns, heightened volatility ultimately boosted transaction activity, with transaction revenue more than doubling to $1.05 billion from $572.5 million a year earlier.

Coinbase’s latest results underscore its strong sensitivity to crypto market swings — a feature that continues to make it one of the biggest beneficiaries of digital-asset volatility.