Coinbase announced third‑quarter results showing revenue of $1.20 billion, short of the $1.233 billion analysts had projected. Subscription and services revenue reached $570 million, indicating growth in recurring income despite the overall shortfall.
Monthly transacting users decreased to 7.4 million, down from 9.3 million a year earlier. The company attributed the decline to broader market conditions. Coinbase’s share of crypto trading volume rose to 10.7%, marking the fourth consecutive quarter of increase.
Adjusted EBITDA was $332.9 million, extending a streak of 15 consecutive profitable quarters on that metric. The prediction‑markets segment generated over $200 million in annualized revenue, and the Coinbase One subscription service recorded a record number of subscribers.
CEO Share‑Sale Plan
Filings disclosed that CEO Brian Armstrong has established a Rule 10b5‑1 plan to sell up to 8.17 million Class A shares. The plan, adopted in August, permits sales from November 16 2024 through October 2027, subject to stock‑price conditions. Co‑founder Fred Ehrsam and President Emilie Choi have similar plans, bringing the total authorized sales to approximately 13.6 million shares.
Armstrong has previously indicated that these sales are part of personal risk‑management and not intended as a signal about the company’s outlook.
Market Reaction
Coinbase shares fell about 15 percent following the earnings release. The broader crypto market was also impacted by a security breach reported by Binance, which estimated losses of $6.3 billion. Bitcoin slipped roughly 4.5 percent, trading below $77,000, and Coinbase’s stock remains down more than 55 percent year‑to‑date.
