Despite weaker industry trading activity, Q3 Adjusted EBITDA rose 60% QoQ to $333 million, while Subscription and Services contributed 49% of net revenue. Its crypto trading market share also climbed to 10.7%, marking four consecutive quarters of gains.
More importantly, prediction markets have surpassed $200 million in annualized revenue. Stablecoins and derivatives could make Coinbase less dependent on retail trading cycles.
However, investors should not confuse accounting profits with sustainable growth. Q3's $719 million net income included substantial crypto investment gains.
My view: COIN deserves a bullish long-term outlook, but I would avoid chasing before recurring earnings confirm the recovery. The real test is whether diversification can deliver consistent profitability through the next crypto downturn.
@Capital_Insights [龇牙]
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- bs6969·11-02 21:00OhLikeReport