[Analysts Optimistic About Coinbase's Derivatives and Stablecoin Growth Potential]
Coinbase's third-quarter revenue reached $1.9 billion, a 37% quarter-over-quarter increase, primarily driven by active Ethereum trading and growth in subscription service revenue. Although Bitcoin trading's share slightly declined, multiple Wall Street institutions believe Coinbase has achieved business diversification and are optimistic about the long-term growth potential of its derivatives, stablecoins, and the Base network. William Blair considers Coinbase to have transformed into a crypto financial infrastructure company, projecting profit margins to rise above 60%. JPMorgan described the quarter's performance as 'exceptionally strong,' but cautioned that acquisitions and expansion could increase costs. Benchmark highlighted a 7% quarter-over-quarter growth in stablecoin revenue. Bernstein expects the Base ecosystem and potential future token issuance to become significant growth catalysts.