💰 Coinbase Returns to Profit with $719 Million Q3 Net Income
Coinbase has ended a two-quarter losing streak, reporting a net income of $719 million for the third quarter. While total revenue hit $1.22 billion, the profit was largely driven by $715 million in gains from crypto assets held on the company's own balance sheet.
Transaction revenue reached $590 million, beating analyst expectations despite low market volatility. A major highlight was Prediction Markets, which became one of the fastest-growing products in the exchange's history, reaching $200 million in annualized revenue.
The exchange also saw record growth in its USDC holdings, which hit $22 billion. Subscription and services revenue, led by stablecoins, now accounts for nearly half of the company's net revenue at $570 million.
#Coinbase #CryptoNews #Earnings #USDC
Coinbase has ended a two-quarter losing streak, reporting a net income of $719 million for the third quarter. While total revenue hit $1.22 billion, the profit was largely driven by $715 million in gains from crypto assets held on the company's own balance sheet.
Transaction revenue reached $590 million, beating analyst expectations despite low market volatility. A major highlight was Prediction Markets, which became one of the fastest-growing products in the exchange's history, reaching $200 million in annualized revenue.
The exchange also saw record growth in its USDC holdings, which hit $22 billion. Subscription and services revenue, led by stablecoins, now accounts for nearly half of the company's net revenue at $570 million.
#Coinbase #CryptoNews #Earnings #USDC