Coinbase Global Inc ($COIN) Q3 2025 Earnings Call
COIN - Earnings call Q3 2025.
President & Chief Operating Officer, Coinbase Global
Search every verified Emilie Choi interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. On Coinbase’s third-quarter 2025 earnings call, President and Chief Operating Officer Emilie Choi participated in discussions about the company’s performance and strategy. Choi noted that Coinbase has faced competition across different products and customer segments since its founding, and that the company’s goal is to deliver “the most trusted and easiest to use products” while continuing to grow market share and trading volumes. She also referenced the company’s development of a dedicated relationship manager function for large traders, describing it as an example of the company “maturing” and “courting the best customers.” During the call, Choi and other executives outlined Coinbase’s push toward an “Everything Exchange” that aims to bring every asset class on chain, including prediction markets and tokenized stocks, and reiterated the view that the majority of global payments will shift to stablecoins over time. The company also announced a protocol called X42 that attaches stablecoin payments to web requests, enabling AI agents to make payments directly through the internet. The call concluded with Choi acknowledging that she had been tracking a prediction market about what Coinbase would say on the earnings call, and she inserted the words “Bitcoin, Ethereum, blockchain, staking, and web 3” before the end of the session.
“We closed the Derbit acquisition, bringing the number one crypto options venue into Coinbase. Derbit plus Coinbase saw over $840 billion in total derivatives volume in Q3 driven by stronger participation from institutions and advanced traders.”
“We're building the various infrastructure layers and are pleased to have a more vertically integrated payments product that we're bringing to market. It starts with Base, which is our layer 2 solution, USDC, and other stable coins. We've now built out payments APIs, and we're now bringing those forward to our customers...”
“We're also integrating payments into our retail app for Coinbase and into the new Base app. So I think that'll be powerful and then we can be one of the only companies that can start to connect these businesses and consumers together, right? In the two-sided market and Shopify is an example of that where we're powering...”
“We're also working with, for instance, Shopify on powering payments for them. I think it's similar to what Amazon did with AWS. I think this third-party infrastructure can be a powerful business for us over time.”
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Guest: Emilie Choi, president & COO of Coinbase After the collapse of FTX in 2022, “the whole industry was tarnished,” recalls Coinbase COO Emilie Choi. “Politicians came out criticizing crypto, saying it was a fraud.” But unlike FTX, Coinbase was a public company in the U.S. So when the SEC served it a Wells notice, announcing its intent to charge the company with violating securities laws, the executive team took an unusual step: They went on the offensive, publicly calling BS on the agency. “Well-regarded CEOs from TradFi, they were like, ‘You don’t do that,’” Emilie says. “’You don’t an…
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