Coinbase’s prediction markets business has crossed more than $200 million in annualized revenue, while the number of paying Coinbase One members rose 24% year over year to a record high, the exchange reported in its latest quarterly results.
The quarter revealed a sharp divergence between the company’s two profit measures. Net income reached $719 million, compared with adjusted net income of $78 million. Speaking during the earnings presentation, CFO Alesia Haas attributed the gap largely to unrealized gains on crypto assets held for investment.
The result marked a turnaround from the $359.5 million net loss recorded in the prior quarter. Since its launch, the prediction markets product has expanded at an 82% compound quarterly growth rate, according to the company. Daily prediction traders increased more than 60% from the previous quarter, and Haas noted that in the third quarter “more than 50% of contracts traded were non-sports.”
Despite a challenging market environment, Haas struck a measured tone on overall performance. “The market backdrop was challenging, but the business is healthy,” she said. A 10% market-wide decline in crypto trading volume left Coinbase’s top line essentially unchanged at $1.2 billion.
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The company’s share of total crypto trading volume rose for a fourth consecutive quarter, reaching 10.7%. Adjusted EBITDA came in at $333 million, 60% higher than the prior quarter and positive for a 15th straight period.
Management also lowered its 2026 adjusted expense outlook to a range of $4.15 billion to $4.3 billion. Revenue from subscriptions and services, which includes stablecoin income, staking rewards and lending, totalled $570 million, up 3% from the previous quarter and accounting for 49% of net revenue.
Average USDC balances held in Coinbase products reached a record $22 billion.Haas’s comments underscored a broader narrative of operational durability, with growth in newer products and subscription revenue helping to offset softer trading conditions.
