Coinbase’s $719 million profit reveals a company caught between two crypto economies

Coinbase returned to a $719 million quarterly profit despite weaker crypto trading, buoyed by its investment gains in Bitcoin. The exchange's third-quarter earnings , released Oct. 29, showed revenue of $1.216 billion, largely unchanged from the previous quarter but down 35% year over year. Crypto spot trading volume fell 8% to $134.5 billion, while transaction revenue declined 44% from a year earlier to $590 million. Chief Financial Officer Alesia Haas said that Coinbase recorded its 15th consecutive quarter of positive adjusted earnings before interest, taxes, depreciation, and amortization, which reached $333 million, up 60% from the previous quarter. Nevertheless, Coinbase reversed a $359 million second-quarter loss as its diversification strategy gained traction. Prediction markets surpassed $200 million in annualized revenue, while subscription and services contributed nearly half of net revenue.

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