Public Keys: Coinbase Cashes In, IBIT Slips, and REX Spins Volatility Into Gold
2025 年 11 月 1 日
Public Keys: Weekly Roundup of Key Publicly Traded Crypto Companies
This week: Coinbase wallops Q3 estimates, BlackRock’s IBIT sees a sharp pullback, and REX Shares’ new ETF is harvesting crypto stock volatility.
Coinbase’s Volatility Tailwind
Coinbase topped expectations on Thursday with Q3 revenue of approximately $1.9 billion, and transaction revenue hitting $1.0 billion. This represents a sharp rebound as spot volumes return to the exchange. The company also said Q4 is off to a strong start, with October transaction revenue already at $385 million.
Beyond trading, Coinbase benefitted from additional tailwinds thanks to subscriptions and services such as staking, custodial services, and interest. The company also flagged that the Ethereum Layer 2 network it incubated, Base, was profitable.
Trading on the Nasdaq under the ticker COIN, Coinbase’s shares ended Friday having gained 4.65%. However, the share price was still 3% lower than at the start of the week.
The earnings report reinforces that volatility and volumes—although challenging for traders—tend to bolster Coinbase’s bottom line. To supercharge this effect, the company has focused on expanding the range of assets available to investors. CEO Brian Armstrong noted the platform’s expansion from “about 300 to over 40,000 assets in the U.S.” through decentralized exchange (DEX) integrations.
Additionally, the quarter included the first launch of “CFTC-regulated 24/7 perpetual style futures in the U.S.” Perpetual futures (“perps”) have become hugely popular among traders, though some industry experts have expressed concern about the risks they introduce to markets.
IBIT Traders Spooked
Speaking of volatility, institutional investors pulled funds from Bitcoin ETFs after BTC dropped below $110,000 on Thursday. BlackRock’s iShares Bitcoin Trust (IBIT) accounted for nearly half of the Bitcoin ETF category’s outflows that day, with $290.8 million withdrawn when Bitcoin spot ETFs lost a total of $488.4 million.
On Friday, IBIT experienced further selling with $149.3 million worth of shares offloaded, representing 77% of that day’s outflows, according to data from Farside Investors.
Nonetheless, IBIT remains BlackRock’s flagship Bitcoin ETF, boasting a lifetime net inflow of more than $8.8 billion in assets under management. One rough session doesn’t change the broader structural adoption story—just the week’s profit and loss.
Another REX Volatility Play
New York-based REX Shares has earned a reputation for unconventional ETFs. Its latest product treats volatility—especially in equities including crypto companies—as a feature rather than a bug.
The REX IncomeMax Option Strategy ETF, trading on the Nasdaq under the ticker ULTI, is an actively managed fund targeting some of the most volatile U.S. stocks. Unsurprisingly, the fund includes crypto-exposed companies such as crypto miner Core Scientific, crypto exchange Gemini, and crypto lender Figure.
The portfolio also extends beyond crypto. It operates by running a dynamic options book with a blend of puts and calls designed to convert price swings into weekly distributions while attempting to cap tail risk.
Other Keys
Stop the Core fusion dance: Bitcoin miner Core Scientific’s investors have axed the company’s $9 billion merger with AI computing firm CoreWeave.