Coinbase’s Q3 results are out. Net income was $719 million, up 66% year over year. Trading fees fell 43% to about $590 million, but unrealized gains on crypto assets held came to around $715 million, while annualized revenue from prediction markets also topped $200 million, supporting profits.
Being able to stay profitable through a cold spot market thanks to its crypto holdings and new businesses shows that Coinbase isn’t entirely reliant on transaction fees. However, unrealized gains are still tied to $BTC $ETH , so this part of the business could also fluctuate if the market weakens.
Source: The Block, Reuters
#BTC #ETH
Being able to stay profitable through a cold spot market thanks to its crypto holdings and new businesses shows that Coinbase isn’t entirely reliant on transaction fees. However, unrealized gains are still tied to $BTC $ETH , so this part of the business could also fluctuate if the market weakens.
Source: The Block, Reuters
#BTC #ETH