Coinbase Shows Rare Cycle Strength as Revenue Rises and Costs Hit Lows

Coinbase grew revenue for five straight quarters, and at the same time, it reduced operating costs, signaling strong cycle momentum. As a result, the company is showing improved leverage while funding one of the biggest crypto income pilots for low-income New Yorkers.

Coinbase funds $12,000 crypto income pilot for low-income New Yorkers

Coinbase is funding a guaranteed-income pilot that sends $12,000 in crypto to selected participants in New York City. The nonprofit GiveDirectly runs the program and issues payments in USDC, a dollar-pegged stablecoin. The initiative uses funds donated by Coinbase after the company ended its earlier GiveCrypto project.

First, GiveDirectly enrolled about 160 low-income residents from five boroughs. Next, the program delivers $8,000 as a single payment. Then, it sends an additional $800 each month for five months. In total, each participant receives $12,000, paid fully in USDC.

Payment distribution began in late 2024 and continues through 2025. Participants receive support directly into digital wallets without cash transfers or bank intermediaries. Coinbase provided the funding, but it does not manage payments or select recipients. Instead, GiveDirectly handles eligibility, wallet setup, compliance, and delivery.

GiveDirectly calls the pilot a targeted guaranteed-income test, not a universal basic income program for all residents. Even so, the program shows one of the largest direct-to-wallet income experiments funded by a crypto company in the U.S.

Coinbase revenue climbs for fifth straight quarter as costs ease

Meanwhile, Coinbase has grown revenue for five consecutive quarters while keeping operating expenses on a lower track than during the last crypto bull cycle. The move marks an unusual combination in the sector, where rising sales often come with heavier spending.

The company’s trailing revenue has now returned to levels last seen at the start of the previous market cycle, according to charts shared by Milk Road. Bars on the revenue chart show a sharp recovery from the 2022–2023 slowdown, with 2025 readings approaching the highs of late 2021.

Coinbase Revenue Trailing 2021 to Present. Source: StockAnalysis, Milk Road Crypto

At the same time, Coinbase has held expenses below peak-cycle levels. That gap between rising revenue and leaner costs has drawn fresh attention to the firm’s operating leverage as investors track the outlook for COIN shares.

Operating expenses stay below prior-cycle peak

Coinbase’s latest breakdown of operating costs shows tighter control across major categories, including technology and development, sales and marketing, and general and administrative spending. Transaction expense remains a smaller slice of the total stack.

Coinbase Operating Expenses Q3 2024 to Q3 2025. Source: Coinbase, Milk Road Crypto

For the most recent quarter, Coinbase reported transaction revenue of $1.39 billion, down 9% quarter over quarter but up 34% from a year earlier. Even with that mixed short-term shift, the broader trend pairs higher headline revenue with structurally lower expenses than in 2021.

The combination stands out in an industry where exchanges and trading platforms often ramp marketing and headcount as volumes return. For now, Coinbase’s charts present a picture of a business earning more while spending less than it did at its prior peak.