Coinbase ends three-quarter losing streak with $719M profit

Coinbase reported $719 million in net income for Q3 2026, a 66% increase that ended three consecutive quarters of losses. The crypto exchange’s revenue was $1.22 billion, down 35% from the same period a year earlier, while subscriptions and non-trading services made up 49% of net revenue. Under CEO Brian Armstrong, Coinbase has pushed alternative products; paying Coinbase One subscribers rose 24% year over year to a record, and its prediction markets platform reached an annualized revenue run rate above $200 million. Average USDC held across its products was a record $22 billion, generating $307 million in stablecoin revenue, up from $292 million in Q2.