Coinbase Climbs on Crypto Surge Despite Rivals Gunning for Its Crown

CoinbaseCOIN

is riding the crypto wave straight to the bank. The exchange posted a 55% year-over-year rise in Q3 revenue as trading volumes exploded and its token menu expanded. Net income skyrocketed to $433M from $76M a year prior, while the company bulked up its cash reserves by 28%.

• The firm’s gone shopping with eight acquisitions this year, including a $2.9B grab of derivatives platform Deribit and a $375M purchase of crypto investment platform Echo.
• Stablecoins now drive nearly 20% of Coinbase’s revenue, with the exchange in late-stage talks to snag stablecoin infrastructure startup BVNK for roughly $2B.

Competition heating up: While CEO Brian Armstrong acknowledged that “regulatory clarity in the US and globally is starting to bear fruit,” he warned, “lots of new competition is coming in and so we need to make sure we’re executing well.” Rival exchanges GeminiGMNI

and BullishBLSH

recently went public, while Kraken reportedly eyes a 2026 listing — potentially pressuring Coinbase’s premium pricing model. Yet with the crypto market ballooning to $3.7T and President Trump easing regulatory barriers, the exchange appears positioned to keep its throne despite challengers nipping at its heels.