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What happened

On October 29, Coinbase reported third-quarter 2026 net income of $719 million and adjusted net income of $78 million. Average USDC held in its products reached $22 billion, up 49% year over year. The company said prediction markets exceeded $200 million in annualized revenue.

Why it matters

Coinbase is broadening revenue beyond cryptocurrency trading, which can fluctuate with market activity.

Rockstar Briefing analysis

Annualized revenue is a run rate, not revenue already earned over a year. The gap between reported and adjusted net income also warrants examining the components before judging sustainability.

Original source · AI-generated illustration.

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