Coinbase has reported Q3 revenue of $674 million, exceeding projections and marking a 14.2% YoY increase, despite a 4.8% QoQ decline. The crypto giant generated $288.6 million in transaction revenue and $334.4 million in services and subscription revenue, while net loss stood at $2 million. Coinbase's balance sheet held over $5.5 billion in USD assets, a quarterly increase of $20 million.

Q3 total transaction revenue was $289 million, a 12% decline QoQ, due to a 17% decrease in total trading volume, partially offset by higher realized fees. Consumer transaction revenue reached $275 million, an 11% decline QoQ, with trading volume down 21%. Institutional transaction revenue amounted to $14 million, an 18% decrease QoQ, with trading volume down 17%.

Despite the lower volumes, Coinbase views Q3 as a strong quarter and is pleased with the financial results. The company projects Q4 technology and development, general and administrative expenses to range from $525 million to $575 million, with sales and marketing expenses between $85 million and $95 million. Coinbase also anticipates achieving meaningful positive Adjusted EBITDA in full-year 2023.