Coinbase Q3: $1.21B Revenue, $333M Adjusted EBITDA, Profit Boosted by Crypto Gain
COIN is trading near its 52-week low of $139.11 (10.0% above the low).
Summary
Coinbase reported Q3 revenue of about $1.21 billion, split roughly $590 million transaction and $570 million subscription and services, with adjusted EBITDA of $333 million, up 60% quarter over quarter and the 15th straight positive quarter. GAAP net income of about $719 million was almost entirely a $715 million non-cash crypto investment gain, so operating income was only $61.7 million and revenue fell 35% year over year. The operating story is share gains: trading market share rose to 10.7%, the fourth consecutive quarterly increase, platform assets reached $377 billion, average USDC held hit a record $22 billion (up 49% year over year), and Coinbase One subscribers rose 24% year over year while opex fell about 17%. Management flagged weaker crypto trading, lower digital asset fund inflows and shifting rate expectations as drags this quarter. The stock slipped 12.9% in the quarter and is down 28.2% year to date, and the company plans to relaunch Coinbase Pro in Q4 2026 as a unified spot, futures, options and equities platform after integrating INTX and Deribit in October.
At the time of this announcement, COIN was trading at $152.98 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $42.8B. The 52-week trading range was $139.11 to $361.40. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Wiseek News.