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The following are the minutes of the earnings call for $Coinbase(COIN.US) organized by Dolphin Research. For a review of the third-quarter financial report, please refer to &#34;Coinbase: Short-term Recovery Within Expectations, Long-term Ecosystem Still Needs Accelerated Expansion.&#34; 1. Review of Core Financial Information: Overall Performance: The company achieved total revenue of approximately $1.9 billion in the third quarter of fiscal year 2025. Adjusted EBITDA was $801 million. The company recorded a fair value revaluation gain of $424 million on its crypto investment portfolio this quarter, with $381 million included in other expense items...

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Coinbase (Minutes): Driving comprehensive asset on-chain around 'Trading and Payment'

Financial Analysis

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In the early morning of October 30th Beijing time, after the US stock market closed, $Coinbase(COIN.US) released its Q3 2025 financial report. Overall, the slight outperformance in trading revenue led to a noticeable recovery in overall revenue and profit. The cryptocurrency market saw some recovery quarter-on-quarter in Q3, and Coinbase completed the consolidation of Deribit and launched perpetual futures for cryptocurrencies, which increased the market share of derivatives trading in Q3. Additionally, during the earnings call, management's outlook on launching banking payment services in Germany further stimulated Coinbase's trading sentiment...

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Coinbase: Short-term recovery expected, long-term ecosystem still needs accelerated expansion

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1030 ｜Dolphin Research Focus: 🐬 Macro/Industry 1. On October 29th, Eastern Time, the Federal Reserve announced its second rate cut of the year by 25 basis points, lowering the interest rate range to 3.75%-4%, and scheduled to end the balance sheet reduction on December 1st. However, the decision saw rare dissent, with one vote advocating for a 50 basis point cut and one vote opposing the rate cut. Powell stated that a rate cut in December is 'far from certain.' U.S. stocks rose first and then fell, with increased uncertainty in December's policy, coupled with high valuations in U.S. stocks, sector rotation may intensify. It is necessary to closely monitor subsequent employment and inflation data...

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The US-China meeting ends with market volatility; Google and Meta experience 'two different worlds' after hours | Today's Important News Recap

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0916 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Federal Reserve will hold a meeting on September 16-17 local time, and the interest rate decision will be announced at 2:00 AM Beijing time on September 18. Recent economic data indicates a weak labor market, and the market generally expects the Federal Reserve to cut interest rates by 25 basis points. Attention is on the extent, pace of the rate cut, and its actual impact on various aspects of the economy. 🐬 Individual Stocks 1. $Tesla(TSLA.US) Regulatory filings show that CEO Elon Musk spent nearly $1 billion last Friday to increase his stake in the company...

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The following are the minutes of the FY25Q2 earnings call for $Coinbase(COIN.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Dismal Performance, Hard to Extinguish the 'On-Chain Fire'&#34;. 1. Review of Core Financial Information 3Q25 Guidance: a. Performance Expectations: Trading revenue in July is approximately $360 million, with Q3 subscription and services revenue expected to be $665-745 million (midpoint up 8% quarter-over-quarter), driven by the increase in average cryptocurrency prices and growth in stablecoin revenue...

Coinbase (Minutes): New Business Flourishing in Multiple Lines—Payments, DEX, CAS...

In the early morning of August 1st, Beijing time, after the U.S. stock market closed, $Coinbase(COIN.US) released its Q2 2025 financial report. Since its listing in June, Coinbase's stock price has been largely unrelated to short-term performance. Therefore, while we pay attention to short-term operational aspects in this financial report, we are more concerned with the management's medium to long-term strategies and short-term actions for expanding and extending future business. Specifically: 1. The cooling of trading is a consensus: Despite the new high in the total market value of cryptocurrencies at the end of the quarter, the second quarter still experienced a significant roller coaster due to tariff turmoil...

Coinbase: Dismal Performance, Hard to Extinguish the 'On-Chain Fire'

Coinbase 2Q25 Quick Interpretation: Second-quarter results fell short of expectations, but short-term performance fluctuations have limited impact on the long-term valuation support logic. The disappointing earnings report presents an opportunity to focus on potential pullbacks.1. Trading revenue met expectations: The pressure on second-quarter trading volume was a known fact, and institutions had already lowered expectations before the earnings report (BBG expectations lagged). The actual performance was inline, aside from the industry's own trading activity cooling off quarter-on-quarter. The company mentioned the impact of adjusting stablecoin pricing strategies in the second quarter (intentionally reducing USDT trading pairs to expand the revenue-generating advantage of USDC). However, since USDT is the most widely penetrated stablecoin, it further dragged down the trading volume for the period.75% of cryptocurrency trading volume occurs in the derivatives market. The acquisition of Deribit at the beginning of the year has not yet been consolidated, and starting in July, Coinbase will launch perpetual futures contracts, which is expected to address Coinbase's market share disadvantage in the derivatives market.2. Disappointing subscription revenue: Although the asset scale AOP within the platform reached a new high in the second quarter, the actual performance of subscription revenue was mediocre, with both the current period and Q3 guidance somewhat below expectations.Dolphin Research believes the key reason is that 80% of the AOP increment in the second quarter was mainly due to asset appreciation rather than new capital inflows. Further breakdown shows that Bitcoin contributed the majority, with its share increasing from 66% in the previous quarter to 70%.In subscription revenue, whether it is stablecoin income or staking income, Bitcoin does not directly create increments. On the contrary, the average asset prices of core staking varieties ETH and SOL declined during the second quarter.3. Dual pressure on short-term profitability: With high-margin trading revenue under pressure, the second quarter also saw a significant increase in employee costs and a £300 million fine from the UK FCA due to data leakage, which significantly slowed the growth of core operating profit.However, after excluding these impacts, the adjusted EBITDA margin still fell quarter-on-quarter to 34%. As a trading platform, the main rigid expenses are bandwidth server depreciation and employee costs, making short-term profitability highly sensitive to fluctuations in the revenue side.Additionally, the originally high-margin stablecoin income has seen Coinbase continuously increase the reserve fund rebate ratio to incentivize users to use USDC since last year. The rebate subsidy ratio in the second quarter decreased compared to the first quarter (mainly reducing USDT subsidies), but it still stands at 40%. $Coinbase(COIN.US)

$Coinbase(COIN.US) $Circle(CRCL.US) In the first two articles of the cryptocurrency series ('Coinbase Business Logic', 'Stablecoin Discussion'), Dolphin Research introduced Coinbase's business model, the market size of stablecoins, and the scarcity issue of USDC. To prevent information overload, let's highlight the key points: 1. Coinbase currently primarily generates revenue from cryptocurrency transaction fees, mainly from retail investors. However, with increasing competition (regulation has both advantages and disadvantages, clearing out low-compliance crypto trading platforms...

Coinbase vs. Circle: The Symbiotic Rivalry in the Stablecoin Arena – Who Will Prevail?

上篇讲$Coinbase(COIN.US) ，海豚君说到 Coinbase 的价值能否打开非常依赖稳定币。一方面，稳定币有利于 Coinbase 生态内的交易、托管、质押等基础业务，最关键是给 Coinbase 拓展了更多的业务场景，通过商业支付、资产代币化投资等等，打开增长的想象空间。另一方面，稳定币自带收入，发行稳定币的储备资产主要是美债，自带不低的利息收益。而 Coinbase 目前按照协议...

Stablecoins: Don’t Doubt It — This Could Be Coinbase’s iPhone Moment.

Deep Research

If the expectation of interest rate cuts + Bitcoin's cyclical supply halving + damage to the dollar's credit + the regulatory friendliness of the Trump administration have supported the rise of cryptocurrencies from 2022 to the present. As of June 23, the cryptocurrency market size has reached $3.3 trillion, nearly tripling since 2023. Among them, the most well-known, largest in scale, and contributing over 60% of the market capitalization, Bitcoin, has risen from less than $30,000 per coin in mid-2023 to over $100,000 today. What does $3.3 trillion mean? It is equivalent to 3% of the global GDP. If we consider the overall crypto assets...

Coinbase: Blockchain is Taking Off—Can the "Water Sellers" Really Cash In Easily?

Fidelity International Releases 2026 Outlook, Bullish on Continued Institutional Adoption of Digital Assets

Coinbase CEO Expresses Excitement Over Progress on Solana

Comprehensive market news shows Bitcoin's price dropped below $90,000, putting pressure on US-listed crypto-related stocks.

Sina Finance reports that the Latin American stablecoin market is evolving from a survival necessity to a growth phase with substantial transaction volumes.

The U.S. SEC's Cryptocurrency Working Group will hold a roundtable discussion on December 15.

Cathie Wood States Crypto Market May Have Bottomed, Reaffirms Bitcoin as Top Institutional Choice

Coinbase CEO emphasizes the need for institutional reform for cryptocurrency to reach its potential.

US SEC approves DTCC to launch stock tokenization pilot program.

Coinbase Bitcoin Premium Index remains positive for 12 consecutive days

Coinbase announces suspension of order book trading for some pairs on December 16 to consolidate liquidity.

Crypto sector secures $176 million in new financing this week, with Coinbase Ventures as one of the main investors

Institutional investors report changes in Coinbase holdings, with Cim increasing and Nikko decreasing its stake.

Coinbase will reportedly announce the launch of prediction markets and tokenized stocks on December 17

Coinbase to stop providing USDC rewards to non-paying users starting December 15.

Coinbase preparing to launch prediction markets

Coinbase Pauses Order Book Trading for Certain Cryptocurrency Pairs

Coinbase Re-enters India Market After Over Two-Year Hiatus

Coinbase believes the Fed's 'stealth QE' will provide support for the crypto market