Coinbase Says Prediction Markets Are Now a $200 Million-a-Year Business Despite a Slow Crypto Quarter

Coinbase’s prediction markets business is now bringing in more than $200 million a year on an annualized basis, while the number of paying Coinbase One members grew 24% year over year to an all-time high, the exchange reported on Oct. 29. The quarter also opened a wide gap between Coinbase’s two profit measures. Net income was $719 million , while adjusted net income was $78 million . CFO Alesia Haas said during the company’s earnings presentation that net income was “driven largely by unrealized gains on crypto assets that we hold for investment.” Coinbase had posted a net loss of $359.5 million in the second quarter, according to its earnings deck . Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter .

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