Coinbase Reports $719M Q3 Profit as Prediction Markets Grow

Coinbase reported a third-quarter net income of $719 million, or $2.51 per diluted share. The company’s revenue for the quarter was $1.22 billion, remaining flat from the prior quarter but down 35% from a year earlier. Adjusted EBITDA increased by 60% from the previous quarter to reach $333 million. This performance follows a $394 million loss recorded in the first quarter of the year.

Prediction markets generated over $200 million in annualized revenue, with this segment compounding at 82% per quarter since launch. Subscription and services revenue accounted for nearly half of net revenue, including $307 million from stablecoins. Average USDC held in Coinbase products reached a record $22 billion. Daily traders grew more than 60% from the prior quarter, while paid Coinbase One subscribers hit an all-time high, up 24% from a year earlier. The company’s share of global crypto trading volume rose to 10.7%.

Coinbase reduced its 2026 adjusted expense guidance by another $100 million at the midpoint.