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Coinbase reported Q3 2026 revenue of $1.22 billion, down 35% year over year, while net income rose 66% to $719 million. The company ended three consecutive quarters of losses, but profits were largely driven by unrealized crypto gains; adjusted net income was $78 million.
Why it matters
The gap between reported net income and adjusted net income underscores how unrealized gains shaped the quarter's result. Revenue declined even as Coinbase's crypto trading market share reached 10.7% and average USDC holdings hit a record $22 billion.
Market impact
Prediction markets surpassed $200 million in annualized revenue, with 82% quarterly compound growth since launch. That business adds a fast-growing revenue stream as Coinbase navigates weaker year-over-year revenue, while the record USDC balance points to continued growth in its stablecoin activity.
Frequently asked questions
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Why did Coinbase's net income rise while revenue fell?
Revenue fell 35% year over year, while net income rose to $719 million. Profits were largely driven by unrealized crypto gains.
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How much was Coinbase's adjusted net income?
Coinbase reported adjusted net income of $78 million for Q3 2026.
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What were Coinbase's prediction markets' annualized revenues?
Prediction markets surpassed $200 million in annualized revenue, with 82% quarterly compound growth since launch.
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What record did Coinbase report for USDC holdings?
Average USDC holdings reached a record $22 billion in Q3 2026.
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What share of the crypto trading market did Coinbase reach?
Coinbase reported that its crypto trading market share reached 10.7%.
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