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- Coinbase Q1 2025 revenue rose to $2B from $1.6B a year earlier, fueled by increased user activity and subscription growth.
- Global derivatives trading volume exceeded $800B after Coinbase added 39 new perpetual contracts on its international platform.
- Institutional trading surged to $315B, with most surveyed investors planning to hold or increase digital asset exposure in 2025.
Coinbase has reported a strong start to 2025, with total revenue hitting $2 billion in the first quarter, up from $1.6 billion in Q1 2024. The robust growth reflects increased user activity, rising subscription revenue, and accelerating demand for digital asset services.
Although net income dipped to $66 million, compared to $1.2 billion in the same quarter last year, which had included $737 million in unrealized gains, the underlying performance remains solid. Coinbase posted $930 million in adjusted EBITDA and $527 million in adjusted net income, signaling resilience in its core operations and efficient cost management.
One of the key highlights was the increase in subscription and services revenue, which rose 9% quarter-over-quarter to $698 million. This marks continued success in Coinbase’s efforts to diversify beyond trading fees, as users increasingly engage with features such as staking, custodial solutions, and blockchain infrastructure.
Coinbase’s balance sheet remains healthy, reporting $9.9 billion in USD resources, including cash, cash equivalents, and USDC holdings. At the same time, the platform experienced a $25 billion rise in average assets under custody, a key metric indicating growing trust from high-net-worth and institutional clients.
Institutional trading volume surged to $315 billion in the quarter, driven by renewed interest from professional investors. Coinbase reported that 86% of institutional investors surveyed either hold or plan to invest in digital assets by 2025. It highlights the strong long-term outlook for crypto adoption.
Coinbase Hits $800B in Global Derivatives Trading
Coinbase expanded its international reach by adding 39 new perpetual futures contracts to its International Exchange (INTX). It helped drive global derivatives trading volume past $800 billion, strengthening Coinbase’s position as a leading venue for advanced crypto trading strategies.
The company’s Ethereum Layer 2 network, Base, continues to gain traction as a hub for on-chain activity. Base saw a 16% increase in transaction volume quarter-over-quarter, while the total stablecoin balance on the network grew 12% to $4 billion. Base remains the most active Ethereum Layer 2 network by user engagement, driven by seamless USDC integration and ecosystem growth.
Stablecoins, particularly USDC, have become a standout growth area for Coinbase. The average USDC balance in Coinbase products rose 49% to $12 billion, while USDC-related revenue jumped 32%, highlighting strong demand for dollar-pegged digital assets amid global economic uncertainty. Meanwhile, the USDC market cap climbed to $60 billion, supported by increased usage on Base and broader adoption across crypto markets.
Coinbase will release its full 10-Q filing with the SEC, providing detailed reconciliations between GAAP and non-GAAP financial metrics for investors and analysts.
With strong Q1 earnings, record USDC activity, and deepening institutional engagement, Coinbase continues to evolve from a trading platform into a full-scale financial infrastructure provider for the digital economy.
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