Overview
- Coinbase reported third-quarter adjusted net income of $719 million and $2.51 earnings per share on Thursday, with about $1.20 billion in total revenue.
- Transaction revenue and subscription and services revenue were nearly equal in Q3 at roughly $590 million and $570 million respectively, signaling a move away from sole reliance on trading fees.
- The company guided Q4 subscription and services revenue to $550 million–$630 million and set adjusted expenses at $1.007 billion–$1.157 billion, tying near-term planning to recurring income lines.
- New on‑chain products are seeing measurable traction: tokenized U.S. equity tokens on Base have topped $4 billion in cumulative DEX volume and are issued to non‑U.S. persons with Abu Dhabi custody arrangements.
- Commerce Payments Protocol has processed over 448,000 payments and about $42.1 million in net settled volume while Coinbase projects its prediction markets business will generate more than $200 million in annualized revenue and has filed for Brazil VASP licensing to keep serving customers during review.