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  • 🚀 Coinbase Blew Past Wall Street’s Expectations

🚀 Coinbase Blew Past Wall Street’s Expectations

PLUS: ECB holds steady, Saylor’s in the green, Nakamoto Holdings crashes 98%, and Standard Chartered sees $2T in tokenized assets.

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Cryptopolitan News
October 31, 2025 • Estimated Reading Time: 10 minutes

💥 Coinbase’s $1.9B quarter marks its return to the big leagues

Coinbase’s first quarter-of-strength since the bull run has just been released. The exchange’s Q3 revenue of $1.9 billion beat Wall Street’s $1.8B estimate and rose 58% year-over-year, giving proof that crypto’s comeback is now visible on income statements.

The shares surged 2% in Thursday’s session, continuing to rise in after-hours trading at $341, already representing a 33% YTD uptick despite a mid-July peak of $444.

Let’s break it down

Trading’s back

BTC’s and ETH’s record highs ignited a firestorm of activity in Q3. Transaction revenue surged to $1 billion, a $764 million increase from Q2 and a $573 million surge from last year as retail and institutional flow returned on the back of ebbing macro uncertainty and stabilized spot ETF volume.

A new treasury move

In one of the largest corporate balance-sheet efforts, Armstrong said the exchange bought 2,772 BTC during the quarter. While he didn’t disclose the timing, the purchase instills confidence and follows the corporate-treasury playbook made popular by MicroStrategy.

Diversifying beyond fees

Armstrong’s revenue long tail approach generated over $355 million in reserves from stablecoin volumes. That was supplemented with $185 million from blockchain rewards and staking payouts, amounting to a combined nearly 30% of the income, a new record. Base keeps climbing.

Base is a beast

Coinbase’s Ethereum layer-2, Base, keeps surprising to the upside. Revenue exploded during the quarter, driven by ETH’s price and rising transactions.

It now dominates all L2s in stablecoin transacting, surpassed $4.6 billion in dollar-pegged assets per DeFiLlama, leading JPMorgan analysts to project a future Base token at $12–34 billion, thereby raising their Coinbase price target to $404.

Banking and tokenization next.

The exchange confirmed rumors it has filed under oath for a national bank trust charter, just as Circle, Paxos, and Ripple, seeking straight access to centralized financial rails.

The company is also investigating tokenized real-world assets, a $2 trillion emerging market according to Standard Chartered set to reshape finance by 2028.

With crypto profits in tow, stablecoin yields climbing, and Base onboarding, Coinbase just altered itself from a bull-market exchange into the first vertically integrated crypto-bank in the next cycle.

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📊 Market Watch

1️⃣ Saylor’s Strategy snaps back to profit

After a brutal 2024, Strategy is back in the green, posting $2.8B in Q3 net income and $3.9B in operating income, reversing last year’s losses.

CEO Phong Le said holdings of Bitcoin reached 640,808 BTC, valued at $70.9B, yielding 26% YTD in BTC. Saylor called Strategy’s $71B collateral base “transparent and scalable” and said its new credit instruments are already attracting B-rated investors

2️⃣ ECB Holds, Lagarde Says Europe’s ‘In a Good Place’

The European Central Bank decided to maintain rates yet again: refinancing 2.15%, lending 2.4%, and deposit 2.0%. This was the third consecutive meeting. Lagarde took a slightly cautious approach, stating that Europe is “in a good place”, inflation sits around the target, but growth is quite unregular.

She claimed that tariffs, weak global demand, and higher savings are frustrating domestic spending, while AI-powered investments seem to signal a productivity revival.

3️⃣ Standard Chartered Sees $2T Tokenization Wave by 2028

The most recent Standard Chartered report sees RWA tokenization of real-world assets hitting $2 trillion in three years as stablecoin-based liquidity and DeFi breakthroughs lead the way.

ÂŁ750B will come from money-market funds and equities. ETFs, debt, and real estate will account for the remaining sum.

👀 Are You Watching This?

Nakamoto Holdings tanked 98%

Nakamoto Holdings, a prominent Bitcoin treasury firm co-founded by Bitcoin Magazine’s David Bailey, has seen its stock decline by over 98% from an all-time peak of around $35 in May to under $1 today.

The cause is a massive $563 million private investment in public equity financing round that went horribly wrong.

Quick Explainer: What’s a PIPE Deal?

A private investment in public equity, or PIPE, is a method for a publicly traded company to sell newly created shares at a deep discount to private investors to quickly raise additional capital.

In the case of Nakamoto, the company used them to purchase Bitcoin: it created new shares and sold them to its investors at a discount.

However, when the principles that purchased those shares were no longer required to keep them, they sold billions of dollars of stock on the market at once. As a result, the price plummeted and the current shareholders lost a significant amount of money.

In short:

  • Nakamoto raised money to buy Bitcoin 🪙

  • But gave away discounted stock to do it 📉

  • Those buyers sold immediately 💸

  • Existing investors got wrecked 💀

Meanwhile, Michael Saylor’s Strategy just reported a $2.8B Q3 profit and reaffirmed a $34B operating income target for 2025, proving that the Bitcoin Treasury model can work if executed right.

The difference? Strategy raises money through convertible notes and stock offerings, not PIPEs, meaning less dilution, more long-term alignment, and cleaner balance-sheet leverage.

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Friday headline picks

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🎁 Airdrop Alpha

  1. dYdX Quest Airdrop

    • What: $600 USDT pool

    • Do: Connect wallet, follow on X, make 1 trade, verify tasks

    • Why: dYdX keeps rewarding active traders. This is an easy one.

  2. SACHI Galxe Campaign

    • What: 18,000 $SACHI + NFT cosmetics + VIP tiers

    • Do: Join Galxe, finish quests, climb the XP board

    • Why: Gamified, ranked distribution. Early grinders get better tiers.

  3. Lit Protocol (Base + Galxe users)

    • What: $10M+ pool

    • Do: Check eligibility, claim with the same wallet you used in earlier Lit/Galxe/Discord/node campaigns

    • Why: Lit is rewarding actual contributors, not random farmers.

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