Coinbase Swings to $719 Million Q3 Profit on Crypto Gains
Summary
Coinbase reported third-quarter net income of $719 million, ending two quarters of losses, but about $715 million came from gains on crypto investments; adjusted net income was $78 million. Revenue was $1.22 billion, flat quarter over quarter and down 35% year over year, as subdued trading activity weighed on transaction revenue. Prediction markets surpassed $200 million in annualized revenue, while subscription and services revenue rose 3%, supported by stablecoins and Coinbase One. The company also raised its cost-cutting target, and adjusted EBITDA increased 60% quarter over quarter to $333 million.
