2025 has been a somewhat challenging year for Bitcoin. After rising above $100,0001 late in 2024, the crypto asset has been unable to sustain its momentum due to large liquidations and shifts in investor sentiment. However, while Bitcoin may not have seen strong gains in 2025, a lot of crypto companies have experienced prolific growth as the blockchain ecosystem has continued to expand. Here’s a look at three crypto stocks that delivered very strong earnings for Q3.
55% Revenue Growth for Coinbase
When it comes to crypto stocks, it’s hard to ignore Coinbase. It operates one of the world’s largest crypto exchanges and has millions of verified users on its platform.
Coinbase posted its earnings for Q32 in October and they were very strong thanks to a significant increase in trading activity and continued growth in its subscription and services business. For the period, total revenue was $1,869 million versus $1,205 million a year earlier, a year-on-year increase of 55%.
Breaking this down, transaction revenue was up 37% year on year to $1.0 billion while subscription and services revenue was up 34% to $747 million. Institutional trading saw a significant increase in activity during the period - here revenue rose 122% quarter on quarter to $135 million.
In terms of profitability, Coinbase generated net income of $433 million for the quarter versus $75 million a year earlier. So, this company is not just about top-line growth today.
One thing Coinbase has going for it is that it offers a wide range of products and solutions for investors. Not only does it offer access to over 150 tokens, but it also offers access to services such crypto staking, custodial services, crypto rewards, and more.
It also works closely with regulatory bodies to help shape regulatory policies and ensure that it is in compliance with all applicable laws. This emphasis on compliance is a significant differentiator in the often-unregulated crypto space and can be very appealing to investors, especially institutional investors.
300% Increase in Crypto Revenues at Robinhood
While Coinbase is a heavyweight in the crypto trading space, rival Robinhood Markets is rapidly catching up. It has recently acquired a number of crypto firms including Bitstamp and WonderFi and is aggressively trying to compete with the big players in the market.
For the third quarter3 of 2025, Robinhood generated revenue of $1.27 billion, up 100% year on year. Zooming in on crypto revenue, it came in at $268 million, up 300% year on year.
Away from crypto, equities revenue ($86 million) and options revenue ($304 million) were up 132% and 50% respectively. Net interest revenue also played a role in the company’s strong performance - it was up 66% year on year to $456 million.
Like Coinbase, Robinhood enjoyed a significant increase in profitability in Q3. Net income for the quarter was $556 million, up 271% year on year, while diluted earnings per share (EPS) was $0.61 versus analysts’ forecast4 of $0.53.
In Robinhood’s Q3 report, the company noted that through Bitstamp, it is enhancing its global crypto offering and attracting more institutional clients. This acquisition could be a key growth driver for the company going forward, given the high level of institutional investor interest in crypto assets today.
Overall, the Q3 results highlighted Robinhood’s expansion beyond its core commission-free stock trading model. When it comes to crypto trading, this company is rapidly gaining market share.
The Best Quarter in History for Galaxy Digital
Looking beyond Coinbase and Robinhood, one other crypto stock worth highlighting is Galaxy Digital. It’s a diversified FinTech company that offers a range of services in relation to digital assets including trading, advisory, asset management, staking, self-custody, and tokenization technology.
Mainly catering to institutional investors and large corporations, it aims to bridge the traditional financial world and the emerging digital asset ecosystem. It’s currently having a lot of success as institutions embrace digital assets.
Galaxy had a blockbuster quarter in Q35, with management stating that it was the best quarter in the company’s history. Compared to the second quarter of 2025, digital asset trading volumes were up 140%, boosted by the execution of a $9 billion notional Bitcoin sale (over 80,000 BTC) on behalf of a client and robust spot execution for digital asset treasury companies.
During the period, the company saw more than $2 billion of net inflows into its asset management division. This took total assets to approximately $17 billion at the end of the quarter.
As a result of this operational momentum, the company generated net income of $505 million versus $30.7 million in Q2, a quarter-on-quarter increase of 1,546%. Adjusted EBITDA was $629 million, up 198% quarter on quarter.
It’s worth noting that in October, Galaxy Digital launched6 a crypto platform targeting retail investors. The company believes that this platform - which will offer retail investors the same kind of services that Galaxy offers to institutional investors - has the potential to disrupt traditional banking business models so this could be a company to keep an eye on.
Footnotes:
1Google Finance, Bitcoin to United States Dollar, as of November 7, 2025
2Coinbase, Shareholder Letter Third Quarter 2025, as of October 30, 2025
3Robinhood Reports Third Quarter 2025 Results as of November 5, 2025
4CNBC, Robinhood doubles revenue as it beats third-quarter earnings expectations, as of November 5, 2025
5Galaxy Announces Third Quarter 2025 Financial Results, as of October 21, 2025
6CNBC, Galaxy CEO Mike Novogratz on new retail trading app: The world will move from accounts to wallets, as of October 6, 2025
