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COIN Revenue by Segments

Revenue by Segments

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As of Q3'25, Coinbase's total revenue reached approximately 1.87B USD, with Transaction revenue contributing 1.05B USD, Subscription and services revenue at 747M USD, and Other revenue at 76M USD. Transaction revenue remains the largest segment, accounting for the majority of the company’s revenue in the latest quarter. From Q4'22 to Q3'25, the chart shows significant volatility in Transaction revenue, with notable peaks in Q4'24 (1.56B USD) and Q1'25 (1.26B USD), followed by a slight decline in Q2'25 before rebounding in Q3'25. Subscription and services revenue has demonstrated steady growth over the period, rising from 283M USD in Q4'22 to 747M USD in Q3'25, while Other revenue has remained relatively stable, gradually increasing from 24M USD to 76M USD. Overall, Transaction revenue continues to dominate the revenue mix, but the consistent growth in Subscription and services revenue highlights a diversifying business model.