Coinbase guides Q4 subscription revenue to $550M–$630M
- —Q3 subscription and services revenue was $570 million, above the roughly $564 million expected
- —Total Q3 revenue reached $1.22 billion, with transaction revenue at $590 million
- —Average USDC held in Coinbase products hit a record $22 billion
- —Paid Coinbase One subscribers rose 24% year over year to an all-time high
Why it matters: The guidance shows how much of Coinbase's revenue stays exposed to the crypto cycle even outside trading, via USDC and staking.
Source: Crypto Briefing