Key Points
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Coinbase reported third-quarter net income of $719 million, but a $715 million gain on crypto it holds as an investment drove nearly all of it.
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The core business earned far less even as Coinbase gained share.
Coinbase Global(NASDAQ:COIN) reported third-quarter net income of $719 million, driven by a $715 million gain on crypto it holds as an investment. Shares fell about 2% in after-hours trading. Strip out that markup, and the core business earned far less than a year ago, even as it gained share.
Key Numbers
- Adjusted EBITDA: $333 million, up 60% from Q2 but down 58% from $801 million a year ago.
- Subscription and services revenue: 49% of net revenue.
- Crypto trading volume market share: 10.7%, its fourth straight quarterly…
