Coinbase's third-quarter trading revenue fell 23% year-over-year to $590 million, while retail spot trading volume declined 9% quarter-over-quarter; Robinhood's crypto trading revenue weakened. Barclays lowered its price target for Coinbase from $149 to $120.
Circle's reserve revenue in the third quarter decreased by 8% year-over-year to $658 million, with total revenue of $865 million including $182 million in token pre-sale revenue. Coinbase's average USDC balance reached $22 billion, and stablecoin revenue, excluding rewards, increased by 3% quarter-over-quarter but decreased by approximately 16% year-over-year.
Circle's USDC trading volume increased by 49% year-over-year to $13.9 trillion, with the payment network's annualized transaction volume reaching $41.3 billion. Coinbase predicts that its daily active users will grow by over 60% quarter-over-quarter, with annualized revenue exceeding $200 million. Oppenheimer raised its target price for Coinbase to $207.
