Coinbase’s third quarter was marked by outperformance relative to Wall Street’s expectations, as the company delivered robust growth in both revenue and adjusted profitability. Management attributed these results to broad-based expansion across its trading platform, particularly through the rollout of new derivatives products and the integration of decentralized exchange (DEX) assets. CEO Brian Armstrong highlighted, “We turbocharged our trading platform in Q3 by adding DEX integrations, expanding access from about 300 to over 40,000 assets in the U.S.” Additionally, the company saw strong institutional adoption and early benefits from recent acquisitions, which helped lift both transaction volumes and market share.

Is now the time to buy COIN? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Coinbase’s Q3 Earnings Call

• Craig Siegenthaler (Bank of America) asked how the Echo acquisition will expand capital formation; CEO Brian Armstrong and President Emilie Choi emphasized its role in creating a two-sided marketplace for raising and investing capital on-chain.
• Kenneth Worthington (JPMorgan) inquired about the impact of regulatory clarity on M&A; Choi and Armstrong pointed to increased deal activity and a strategic focus on trading and payments.
• Peter Christiansen (Citi) questioned operational infrastructure and redundancy; Armstrong explained investments in multi-cloud and automation, while Choi noted that 65% of customer support interactions are automated, with plans to increase this further.
• Benjamin Budish (Barclays) asked about the new white glove service for advanced traders; CFO Alesia Haas described concierge-level support for high-value users, seeing it as a maturation step to retain top customers.
• Owen Lau (Clear Street) queried innovation in payments and bank partnerships; Armstrong and Haas detailed Coinbase’s developer platform (CDP), onboarding 264 institutions and over 1,000 businesses, and highlighted the vertical integration of payments products.

Catalysts in Upcoming Quarters

Going forward, the StockStory team will be tracking (1) the pace of new asset class integrations and the expansion timeline for the Everything Exchange, (2) adoption rates for stablecoin-based payment solutions among businesses and retail users, and (3) the operational integration and cross-selling of Deribit’s options and Echo’s capital formation services. Progress on automation, margin discipline, and regulatory developments will also be important signposts for execution.

Coinbase currently trades at $318.30, down from $329.13 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free for active Edge members).

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