Overview
- Coinbase reported the Q3 results on Thursday showing $719 million in net income with roughly $715 million of that coming from unrealized gains on crypto assets held for investment.
- Total revenue for the quarter was about $1.22 billion, with transaction revenue near $590 million and subscription and services revenue about $570 million, and adjusted net income excluding investment gains was roughly $78 million.
- The company gave Q4 guidance for subscription and services revenue of $550 million to $630 million and said transaction revenue for the quarter‑to‑date stood at about $165 million.
- New product lines are growing: prediction markets passed $200 million in annualized revenue and Coinbase‑issued tokenized US equity tokens on Base have exceeded $4 billion in cumulative DEX trading volume, though many of those tokens are restricted to non‑U.S. investors and use custody outside the United States.
- Coinbase filed for a Brazil VASP license before the October 30 deadline and expects to continue serving Brazilian customers during the review, a move that reflects the company’s broader effort to navigate changing cross‑border crypto rules while diversifying beyond spot trading.