Coinbase Transaction Revenue Tops Services by Just $20 Million

Coinbase’s transaction revenue narrowly exceeded subscription and services revenue in the third quarter, underscoring how much the exchange earns from businesses beyond customer trades.

For the three months ended Sept. 30, Coinbase recorded $590.2 million in transaction revenue and $570.2 million in subscription and services revenue. Together, the categories made up $1.16 billion in net revenue, with transactions accounting for 51% and subscriptions and services 49%. Coinbase’s total revenue was $1.22 billion, including a separate $55.1 million in other revenue.

The subscription and services category included $306.9 million in stablecoin revenue, $85.7 million in blockchain rewards, $68.6 million in interest and finance fee income, and $109 million in other subscription and services revenue. In 2025, stablecoin revenue came primarily from a Circle arrangement related to USDC, while blockchain rewards came mainly from proof-of-stake validation using Coinbase-controlled validators.

Coinbase Chief Financial Officer Alesia Haas said subscription and services revenue “grew quarter over quarter and now represents nearly half of net revenue.” Predictions and derivatives together contributed 25% of Q3 transaction revenue. Coinbase’s prediction markets product passed $200 million in annualized revenue by the quarter’s end; that run rate is not revenue earned during Q3.

For 2025, Coinbase had $6.88 billion in net revenue, including $4.06 billion from transactions and $2.83 billion from subscriptions and services. Total revenue was $7.18 billion after adding $297.9 million in other revenue.

Payward, Kraken’s parent company, had $508 million in adjusted revenue in Q2 2026. Asset-based and other revenue made up 60% of that amount, up from 55% in Q2 2025. Payward’s company-defined adjusted revenue subtracts trading costs and gains or losses on trading activity from GAAP total revenue, so it is not directly comparable with Coinbase’s net revenue.

Payward’s 2025 adjusted revenue was $2.2 billion, split between 47% trading-based revenue and 53% asset-based and other revenue. Platform transaction volume reached $2 trillion that year.

Customer trading costs vary by platform and fee tier. Kraken Pro’s first-tier spot fees are 0.40% for maker orders, which add liquidity to an order book, and 0.80% for taker orders, which execute against existing orders. On a single executed $10,000 order, those rates would mean $40 or $80 in fees, respectively, before other costs.

Robinhood received $0.95 per $100 of notional crypto order volume routed through market makers as of June 15, 2026. The payment is included in the spread, and those trades have no separate commission. Coinbase’s simple buy and sell quotes also include a spread; its Advanced product uses an order book without that included spread.

Revenue is not profit. Coinbase recorded $194.5 million in transaction expenses in Q3, equal to 17% of net revenue.