Coinbase reported a hefty increase in its Bitcoin holdings, gaining an additional 2,772 BTC in the third quarter, contributing to a total of 14,548 BTC valued at approximately $1.57 billion. This aligns with the company’s push to transform into an “Everything Exchange.”

In Q3, Coinbase earned a net income of $432.6 million, driven by a revenue surge to $1.9 billion, showcasing a 55% increase compared to the previous year. Transaction revenue significantly contributed to this growth, reaching $1.05 billion.

“We articulated our vision of an Everything Exchange last quarter, and made headway in Q3 by widening the variety of tradable assets and enhancing our derivatives offerings,” Coinbase stated in its report.

Additionally, the firm is enhancing its business portfolio to include more assets such as stablecoins and tokenized stocks. The market’s reaction to Coinbase’s Q3 results was favorable, reflected by a 2.84% rise in share value in after-hours trading, despite a small drop during the day.

Coinbase’s institutional revenue continues to flourish, comprising 80% of the trading volume in Q3, with its assets under custody exceeding $300 billion. The adoption of the Ethereum layer 2 Base protocol also gained traction during this period.