Coinbase Global (ticker COIN) reported strong gains across both trading volumes and transaction revenues during the third quarter, with Ethereum activity commanding a larger piece of the pie in both areas.

The U.S.-based cryptocurrency exchange said Thursday it posted transaction revenues $1 billion, a 37% increase when compared to the previous quarter, and nearly double what Coinbase reported a year ago. Trading volumes also rose to $295 billion compared to $185 billion during the same period a year ago. Volumes were also up quarter-on-quarter.

Coinbase’s rising trading volumes and revenues in the quarter contrast with last quarter’s report, when the company said both segments had suffered declines when compared to the previous quarter.

“Unique token listings and rising prices in long tail assets helped drive advanced trading volumes and amplified our concerted efforts to attract and retain high priority traders,” the company said in its statement.

Overall, Coinbase’s total revenue increased to $1.9 billion, compared to $1.2 billion a year ago. Net income of $433 million was up when compared to the previous year but down quarter-on-quarter.

Ethereum accounts for larger piece of the pie

Ethereum activity jumped significantly during the quarter, with ETH trading making up 22% of total volume, compared to 15% the previous quarter. Transaction revenue from ether trading also rose to 17% from 12%. While Bitcoin trading still drove the most volume and transaction revenue, its percentage of the overall picture declined in both areas amid Ethereum’s nabbing a larger share.

Chart courtesy of Coinbase

ETH has outperformed BTC over the past three months, with Ethereum up over 6% to roughly $3,755 on Thursday, compared to Bitcoin, which is down nearly 6% during the same period.

Coinbase also said it added $299 million worth of Bitcoin during the third quarter.

“Coinbase is long bitcoin,” CEO Brian Armstrong posted to X. “Our holdings increased by 2,772 BTC in Q3. And we keep buying more.”

Last quarter, Coinbase disclosed buying 2,509, which, at the time, put it ahead of Tesla among companies holding BTC.

The company also said its headcount increased by 12% quarter-on-quarter.

After closing the regular trading session down 5.7%, COIN shares ticked up 2.5% in after-hours trading.

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