Subscription and services revenue’s share of net revenue was up from 48% in the previous quarter and 41% in the third quarter of 2025, according to an update released Thursday.
In the third quarter, Coinbase’s subscription and services revenue, which includes blockchain rewards, stablecoin revenue, interest and finance fee income, and other subscription and services, increased 3% quarter over quarter to $570 million, up from $555 million in the previous quarter.
Coinbase’s transaction revenue was roughly flat at $590 million, down from $599 million in the previous quarter.
Coinbase’s total revenue was roughly flat at $1.2 billion, per the update.
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Coinbase Chief Financial Officer Alesia Haas said in the earnings presentation that total revenue remained roughly flat despite a 10% decline in total market crypto trading volume. That decline was offset by growth in prediction markets and subscription and services.
“Predictions and derivatives combined contributed 25% of transaction revenue, and subscription and services contributed nearly half of net revenue,” Haas said. “Our focus is on building a diversified portfolio of products that reduces our reliance on crypto market cycles and supports durable long-term revenue growth.”
Coinbase Co-Founder and CEO Brian Armstrong also highlighted the company’s gains in developing new product lines and diversifying its revenue.
The Everything Exchange, Coinbase’s initiative to enable trading of every asset class on its platform, has seen derivatives volume grow 179% over the past two years, prediction markets become one of the fastest-growing products by revenue in the company’s history and the Coinbase One subscription program continue growing despite market conditions, Armstrong said in the earnings presentation.
Coinbase’s stablecoins and payments offerings have secured banks, payment service providers and eCommerce firms as customers, he said.
Another Coinbase priority, moving financial services onto decentralized blockchains, has seen the company’s Base blockchain maintain its status in crypto spot trading while also growing in borrow/lend balances and tokenized equities trading volume.
“Our goal really is just to build the best place to grow, use and move your money, whether you’re a person, a business, or increasingly, an AI agent,” Armstrong said.
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