Key facts
- Coinbase reported $719 million in net income, or $2.51 per share, for the third quarter.
- About $715 million of the profit came from gains on crypto held as an investment.
- Total revenue was $1.22 billion, flat from the prior quarter and down 35% year-on-year.
- Subscription and services revenue rose 3% to $570 million, nearly half of net revenue.
- Prediction markets generated annualized revenue exceeding $200 million.
Coinbase Global Inc. reported a third-quarter profit of $719 million, or $2.51 per share, reversing a two-quarter losing streak. Analysts had expected a loss of 15 cents per share. However, approximately $715 million of the profit stemmed from gains on cryptocurrency held as an investment. Excluding these and other investment gains, adjusted net income was $78 million. Total revenue was $1.22 billion, in line with expectations and flat from the second quarter, though down 35% from a year earlier. Transaction revenue fell 1% to $590 million but beat analyst expectations. Subscription and services revenue increased 3% to $570 million, driven by $307 million from stablecoins. Daily traders grew more than 60% from the prior quarter.