Coinbase Q3 Preview: Can Trading Volume and Policy Tailwinds Deliver?

Coinbase Global, Inc. COIN reports third-quarter 2025 results after the market closes on October 30. Analysts expect about $1.30 per share, with revenue near $1.8 billion. The stock is up roughly 40% so far this year.

Trading activity across digital assets has regained attention, and that's been good news for Coinbase. In the second quarter, the company reported 8.7 million monthly transacting users and more than $400 billion in trading volume. With the current administration signaling a more open approach toward digital assets, investor sentiment has turned more positive toward both crypto markets and related businesses.

Still, crypto remains unpredictable. Volume growth tends to be highly correlated with crypto prices, so any pullback could quickly pressure revenue. For this quarter, investors will be watching whether monthly users grow and how much revenue institutions contribute. They'll also pay attention to what management says about expenses as it scales its service lines. Updates on assets under custody and the broader regulatory backdrop will also be closely followed.

Given the strong YTD performance, expectations are high. Coinbase trades at 48x forward price to earnings, so a strong quarter on volumes or institutional adoption might not be enough. Investors will be looking for solid numbers along with confident commentary from management.