Coinbase reported mixed results for its third quarter, with revenue reaching $1.2 billion, below the $1.233 billion analysts had projected. However, subscription and services revenue showed strength, totaling $570 million. While the company remains dependent on trading activity, its recurring revenue streams are expanding.
Monthly transacting users declined to 7.4 million, a drop from 9.3 million in the prior year, a trend Coinbase attributed to challenging market conditions during its earnings call. The company’s share of crypto trading volume rose to 10.7%, marking the fourth consecutive quarter of growth, underscoring its ability to secure market share amid reduced industry activity.
Adjusted EBITDA reached $332.9 million, extending its streak of 15 straight profitable quarters. The prediction markets division surpassed $200 million in annualized revenue, while Coinbase One reported a record subscriber count.
Coinbase CEO preps share sales
SEC filings from October 30 reveal CEO Brian Armstrong has implemented a plan to sell up to 8.17 million Class A shares under Rule 10b5-1, which allows executives to pre-schedule stock transactions. The plan, established in August, permits sales from November 16, 2023, through October 2027, contingent on share price benchmarks. Co-founder Fred Ehrsam and President Emilie Choi have parallel plans, collectively totaling approximately 13.6 million shares. Armstrong has previously sold $545.7 million in shares over nine months, emphasizing these moves as portfolio diversification rather than company performance signals.
Coinbase stock slumps nearly 15%
Coinbase shares (COIN) fell roughly 15% on Wednesday, though the decline stemmed from a separate cybersecurity incident rather than earnings results. Binance disclosed a $6.3 billion security breach—the largest crypto theft on record—on October 29, citing potential North Korean hacker involvement. While $3 billion in assets remain frozen, Binance reports $6.34 billion in available reserves to cover potential losses, with deposits fully intact and withdrawals expected to resume within 48 hours. The breach has not revealed evidence of compromised wallet private keys, and figures remain preliminary.
Market ripples followed: Bitcoin dropped ~4.5% to below $77,000, while Strategy (MSTR) and Strive (ASST) shares fell nearly 10% and 12% respectively. Coinbase’s stock has declined over 55% year-to-date amid ongoing market pressures.
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