Coinbase’s filings for the quarter to 30 September show total revenue of $1.216 billion, down about 35% from $1.869 billion a year earlier. Transaction revenue was $590.2 million and subscription and services revenue was $570.2 million.
Monthly transacting users were 7.4 million, against 9.3 million in the same quarter of 2025. The company attributes the fall mainly to fewer trading users, influenced by market conditions.
Assets on the platform dropped to $376.6 billion from $515.9 billion, a fall of about 27%. That is a larger proportional drop than the fall in users, which was about 20%.
The profit lines look different, and they are the part most likely to be quoted. Net income was $718.7 million and adjusted EBITDA was $332.9 million.
Net income being more than double adjusted EBITDA points to items outside day-to-day trading. The filing summaries reviewed do not itemise them, so the profit is hard to read as a measure of the business.
Subscription and services revenue is now almost as large as transaction revenue, which is the shift the company has argued for. It also means the trading side is carrying less of the load than it did a year ago, which leaves earnings less tied to how busy the market is.
The filings put the user decline down to market conditions. They do not say how many of the 1.9 million users who left traded only occasionally, or whether the prices that drove them away have to return before they do.
