Coinbase Q3: $719M profit, but the market didn’t buy it
The headline looks strong. The detail is different:
💡 $715M of net income came from mark-to-market gains on crypto holdings. Adjusted net income was $77.7M.
Revenue was $1.22B, flat quarter over quarter and down about 35% year over year. Price is now $140.08, back at the July and August demand area.
On the positive side, prediction markets passed $200M in annualized revenue, and subscription and services grew to $570M.
Scenario map: if this demand area holds on a daily close, the weak quarter may already be priced in. If it fails, the next demand zone becomes the focus. This is a map, not a prediction.
Headline profit and core business strength are two different things. Check what sits under the number before you size a position.
Verify first. Risk later. Scale slowly.
#Coinbase #CryptoNews
The headline looks strong. The detail is different:
💡 $715M of net income came from mark-to-market gains on crypto holdings. Adjusted net income was $77.7M.
Revenue was $1.22B, flat quarter over quarter and down about 35% year over year. Price is now $140.08, back at the July and August demand area.
On the positive side, prediction markets passed $200M in annualized revenue, and subscription and services grew to $570M.
Scenario map: if this demand area holds on a daily close, the weak quarter may already be priced in. If it fails, the next demand zone becomes the focus. This is a map, not a prediction.
Headline profit and core business strength are two different things. Check what sits under the number before you size a position.
Verify first. Risk later. Scale slowly.
#Coinbase #CryptoNews
