Coinbase (NASDAQ: $COIN) reported third-quarter net income of $719 million, or $2.51 per diluted share, on Thursday, but nearly all of it came from a $715 million gain on crypto it holds as an investment. Revenue fell 35% from a year earlier to $1.22 billion, according to the company’s earnings release and quarterly filing.

The results show Coinbase leaning on businesses other than trading as volatility sits near multiyear lows. Subscription and services revenue made up 49% of net revenue, and the company said its prediction markets passed $200 million in annualized revenue only months after launching in February. Analysts…