Researchers predict Coinbase's total revenue will be approximately $7.2 billion in 2025, with Q4 revenue declining by 5% quarter-over-quarter.

According to Mars Finance, Coinmetrics senior researcher Tanay Ved predicts Coinbase's total revenue for the fourth quarter of 2025 will be $1.77 billion, a 5% decrease from $1.87 billion in the third quarter. This decline is attributed to lower trading volumes and asset prices offsetting growth in derivatives trading and USDC. Trading revenue is expected to be $978 million (a 6% sequential decrease), with Deribit contributing significantly throughout the quarter to drive institutional business growth. Subscription and service revenue remained resilient at $723 million, with USDC supply growth offsetting the impact of the Fed's interest rate cuts and reduced staking rewards. The firm forecasts Coinbase's total revenue for fiscal year 2025 to be approximately $7.2 billion, reflecting Coinbase's continued revenue diversification and strategic expansion into the derivatives space. Coinbase is scheduled to release its fourth quarter and full-year 2025 financial results after the market closes on Wednesday, February 12th.