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Coinbase Cuts Trading Reliance as Subscription and Services Revenue Nears 50%

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Coinbase Cuts Trading Reliance as Subscription and Services Revenue Nears 50%

Coinbase furthered its effort to diversify its revenue in the third quarter, with subscription and services revenue growing to account for 49% of the company’s net revenue, executives said in a Thursday (Oct. 29) earnings presentation.

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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.



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