Coinbase Posts $719 Million Third-Quarter Net Income as Total Revenue Falls 35% to $1.22 Billion
SAN FRANCISCO — Coinbase Global, Inc. (NASDAQ: COIN) on October 29 announced financial results for the third quarter ended September 30, 2026, reporting net income of $719 million, or $2.51 per diluted share, on total revenue of $1.216 billion, down 35% from $1.869 billion a year earlier.
Transaction revenue was $590 million, down 44% year over year, while subscription and services revenue was $570 million and represented 49% of net revenue, including $307 million of stablecoin revenue, mostly from USDC. Average USDC held in Coinbase products reached a record $22 billion, up 49% year over year.
The company said its net income was driven largely by a $715 million gain on crypto assets it holds as an investment. Excluding such gains and other investment items, adjusted net income was $78 million. Adjusted EBITDA was $333 million, up 60% quarter over quarter, marking the 15th consecutive quarter of positive adjusted EBITDA. Operating income was $61.7 million, compared with $480.5 million a year earlier.
Coinbase said its share of crypto trading volume rose to 10.7%, its fourth consecutive quarter of market-share gains, and that assets on platform represented 12.5% of total crypto market capitalization, returning to its peak level. Paid Coinbase One subscribers reached an all-time high, up 24% year over year, and its prediction markets surpassed $200 million in annualized revenue, which the company called one of the fastest-growing products in its history.
Co-founder and Chief Executive Officer Brian Armstrong said the company set product records across the board despite a softer market, as it builds what it calls the Everything Exchange. Chief Financial Officer Alesia Haas said subscription and services revenue now represents nearly half of net revenue and that prediction markets add a revenue stream less correlated to crypto volatility, making the company more diversified and resilient across market cycles.
For the fourth quarter, Coinbase expects subscription and services revenue of $550 million to $630 million. In a regulatory filing, the company also disclosed that its chief executive, a co-founder and its president plan to sell up to 13.6 million shares over the next 14 months, covering about 6% of its Class A shares.
Source: GSM · USA (original Chinese edition)
Photo: 美国加州旧金山海滨与金融区天际线（Coinbase 总部所在地，资料图）。King of Hearts 摄，CC BY-SA 3.0，经 Wikimedia Commons。 / The San Francisco waterfront and financial district skyline in California, where Coinbase is headquartered (file photo). Photo by King of Hearts, CC BY-SA 3.0, via Wikimedia Commons.
