$COIN · Coinbase Global, Inc.
Coinbase reported Q3 2026 results with total revenue of $1.22B, flat Q/Q and down 35% Y/Y. Net income swung to $718.7M from a $359.5M loss in Q2, driven by $715M in gains on crypto assets held for investment. Adjusted EBITDA rose 60% Q/Q to $332.9M, the 15th straight positive quarter.
- Net income of $718.7M vs. -$359.5M in Q2 2026, driven by $715M in gains on crypto assets held for investment.
- Total revenue of $1.22B was flat Q/Q and down 35% Y/Y; transaction revenue declined 1% Q/Q amid multi-year lows in crypto volatility.
- Adjusted EBITDA grew 60% Q/Q to $332.9M, marking the 15th consecutive quarter of positive Adjusted EBITDA.
- Subscription & services reached 49% of net revenue; prediction markets hit $200M+ annualized revenue in Q3.
- Coinbase Crypto Trading Volume Market Share rose to 10.7%, a fourth consecutive quarter of share gains.
Extended-hours trading shows COIN at $159.21, down 0.86% from the regular close of $162.32. The modest decline suggests the market is weighing the 35% Y/Y revenue drop and flat Q/Q top line against the swing to GAAP profitability and strong Adjusted EBITDA growth.
The GAAP profit swing masks a 35% Y/Y revenue decline and flat Q/Q top line — the diversification story (49% subscription revenue, $200M+ prediction markets) is now the core thesis.
Coinbase's 10.7% crypto trading volume market share and $200M+ prediction markets run-rate highlight its diversification beyond spot trading, even as industry-wide trading volumes fell 10% Q/Q.
Crypto asset volatility reached multi-year lows, compressing transaction revenue. The filing flags risks around derivatives and prediction markets regulatory treatment, and notes near-term volume volatility from the INTX/Deribit integration.