Coinbase Q3: $718.7M Net Income Is Almost Entirely a $715.0M Crypto Mark; Operating Income Just $61.7M
COIN sits 17% above its 52-week low of $139.11.
Summary
Coinbase's Q3 profit of $718.7 million was almost entirely a $715.0 million non-cash crypto investment gain; operating income was $61.7 million and revenue fell 35% year over year to $1.2 billion.
Key Events · Earnings and Guidance · COIN
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Profit Is a Crypto Mark, Not Operations
Net income of $718.7 million included $715.0 million of gains on crypto assets held for investment; operating income was only $61.7 million.
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Revenue Down 35% Year Over Year
Total revenue of $1.22 billion versus $1.87 billion a year earlier, with transaction revenue down 44% to $590.2 million as consumer spot volume fell 59%.
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Nine-Month Loss Despite Q3 Profit
Nine-month net loss of $34.9 million and Adjusted EBITDA of $843.9 million, versus $1.93 billion of net income and $2.24 billion of Adjusted EBITDA in the prior-year period.
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Platform Assets and Users Shrink
Assets on Platform fell 27% to $376.6 billion from $515.9 billion, and monthly transacting users dropped to 7.4 million from 9.3 million.
Analysis · COIN · Crypto Assets
The headline profit is accounting, not operations. Coinbase earned $718.7 million in Q3, but $715.0 million of that came from remeasuring its own crypto holdings — a non-cash gain that reverses if prices fall. Strip it out and operating income was $61.7 million on $1.2 billion of revenue, down 35% from $1.87 billion a year earlier as spot volumes collapsed. The balance sheet is still strong: $8.8 billion of cash and marketable investments, $1.3 billion of convertible notes repaid at maturity, and $2.0 billion left on the buyback. But the revenue base is shrinking and the profit line is hostage to crypto prices, which is the real risk for holders.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 38.8% of the 970 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.46%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, COIN was trading at $162.69 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $42.4B. The 52-week trading range was $139.11 to $361.40. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.