In the latest issue of State of the Network, Senior Research Associate @TanayVed provides an outlook for @Coinbase's Q4 2025 earnings using a combination of exchange data, on-chain metrics, and publicly available information. Key Takeaways: 🔹 We estimate Q4 2025 total revenue of $1.77B, down 5% from Q3’s $1.87B, as lower trading volumes and asset prices offset growth in derivatives trading and USDC. 🔹 Transaction revenue is expected at $978M (-6% QoQ), with @DeribitOfficial's full quarter driving growth in the institutional segment. 🔹 Subscriptions & services remain resilient at $723M, as USDC supply growth offsets Fed rate cuts and lower staking rewards. 🔹 For FY 2025, we estimate total revenue of approximately $7.2B, reflecting Coinbase’s continued revenue diversification and strategic expansion into derivatives. ➡️ Read the full issue: ow.ly/WoVB50Ycfs8