Share this article
Coinbase Beats Q3 Earnings Estimates While Trading Volume Falls
The crypto exchange's third quarter transaction revenue declined 12% from previous quarter.
By Aoyon Ashraf
Updated Nov 7, 2023, 3:22 p.m. Published Nov 2, 2023, 8:23 p.m.
Coinbase (COIN) topped analyst estimates for the third quarter on earnings and revenue, while falling short in total trading volume expectations.
The crypto exchange reported a third-quarter adjusted loss of $0.01 per share, compared to FactSet estimates for a loss of $0.55 per share, marking it the third consecutive earnings beat for Coinbase. Total revenue for the quarter was $674.1 million, beating analyst estimates of $650.9 million.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Total trading volume in Q3, however, was just $76 billion versus the estimates of $80.1 billion and down from $92 billion in the previous quarter. Third-quarter transaction revenue was $288.6 million, falling 12% from $327 million in the previous quarter.
In its shareholder letter, Coinbase noted declining overall crypto markets and volatility as behind the fall in transaction revenue.
Looking at the fourth quarter, the company said it generated about $105 million of transaction revenue in October. The crypto exchange further said it expects to "generate meaningful" positive adjusted EBITDA for 2023, a slight revision from the previous goal of "improving" full-year 2023 adjusted EBITDA.
Shares of Coinbase are down 5.5% in post-market action after rising 8.7% during the regular session. COIN is up about 131% this year, while the price of bitcoin [BTC] has risen about 110% over the same time period.
Coinbase will host its earnings call at 5:30 pm ET.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Tom Lee urges BitMine shareholders to approve share increase ahead of January 14 vote
The chairman of the former bitcoin miner-turned-ether treasury firm reiterated his view that Ethereum is the future of finance.
What to know:
- Tom Lee, chairman of Bitmine Immersion (BMNR), urged shareholders to approve an increase in the company's authorized share count from 500 million to 50 billion.
- Lee assured shareholders that the increase is not intended to dilute shares, but instead to enable capital raising, dealmaking, and future share splits.
- Shareholders have until January 14 to vote on the proposal, with the annual meeting scheduled for January 15 in Las Vegas.
Top Stories
