Coinbase reported a mixed third quarter, with revenue reaching $1.20 billion compared with analysts’ expectation of $1.233 billion, according to company filings. Subscription and services revenue was stronger, rising to $570 million as the exchange continues to expand income streams beyond trading activity.
Monthly transacting users declined to 7.4 million from 9.3 million a year earlier. Coinbase attributed the decrease to overall market conditions. At the same time, its share of crypto trading volume increased to 10.7%, marking the fourth consecutive quarter of gains and indicating that the company continued to capture a larger portion of a quieter market.
Adjusted EBITDA reached $332.9 million, extending Coinbase’s streak to 15 consecutive profitable quarters on that measure. The prediction markets business surpassed $200 million in annualized revenue, while Coinbase One reached a record number of subscribers.
Filings published on October 30 also showed that CEO Brian Armstrong established a plan to sell up to 8.17 million Class A shares. Adopted in August under SEC Rule 10b5-1, the plan allows executives to schedule sales in advance. The sales may take place from November 16 through October 2027, subject to stock-price conditions.
Co-founder Fred Ehrsam and President Emilie Choi have similar arrangements, bringing the total covered by the plans to approximately 13.6 million shares. Armstrong has previously described his share sales as part of personal risk management rather than an indication about Coinbase’s outlook. VanEck analyst Matthew Sigel previously tracked approximately $545.7 million in Armstrong sales over nine months beginning in April 2025.
Coinbase shares fell about 15% during the day, amid broader pressure on crypto-related assets. Binance disclosed on October 29 that it estimated losses from a security breach at $6.3 billion, potentially the largest crypto theft on record. Approximately $3 billion in assets had been frozen, with industry partners assisting in the effort.
The hackers were allegedly linked to North Korea, although Binance has not attributed the attack to a specific group. The exchange said it had found no evidence that a wallet private key had been leaked. Binance reported $6.34 billion in reserves available to cover losses, said deposits were unaffected and expected withdrawals to resume within 48 hours. The figures remained preliminary, with estimates varying slightly among reports.
Bitcoin fell roughly 4.5% to below $77,000. Shares of Strategy declined nearly 10%, while Strive shares fell by more than 12% at points during the session. Coinbase stock was down more than 55% for the year.
Sources: Bitcoin Magazine.