Coinbase Global (COIN) posted higher-than-expected profits and revenue for the third quarter, as crypto markets boosted revenue and trading activity during the period.

In its third quarter, net revenue at the crypto exchange tallied $1.79 billion, up from $1.13 billion in the same quarter last year. Its trading volume during the quarter totaled $295 billion, up from $185 billion last year.

Profits totaled $433 million, or $1.50 per share, up from $75.5 million in the same quarter last year. The stock is up 34% since the start of 2025, outperforming the largest cryptocurrency, bitcoin (BTC-USD). During the third quarter, bitcoin reached an all-time high.

Coinbase stock rose as much as 2.5% in after-hours trade on Thursday.

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