Coinbase Global, Inc. reported third-quarter 2026 earnings demonstrating sustained profitability and rapid diversification beyond traditional crypto trading. The exchange posted net income of $719 million and adjusted net income of $78 million for the quarter ended September 30, 2026, while prediction markets, one of the fastest-growing revenue streams in company history, surpassed $200 million in annualized revenue.
- Adjusted EBITDA: $333 million, up 60% quarter-over-quarter (15th consecutive quarter of positive EBITDA)
- Crypto Trading Volume Market Share: 10.7%, marking fourth consecutive quarter of gains in both spot and derivatives
- Paid Coinbase One Subscribers: All-time high, up 24% year-over-year; these premium users show 3.5x higher average revenue per user
- Average USDC Held in Platform: $22 billion, representing 14th consecutive all-time high and 30% of total USDC market cap
- Prediction Markets Growth: 82% quarterly compound growth since launch; daily traders up 60%+ quarter-over-quarter
Coinbase expanded its market leadership through its “Everything Exchange” strategy, consolidating spot trading, derivatives, tokenized equities, and prediction markets into a single platform. Assets on the platform reached 12.5% of total crypto market capitalization, returning to peak levels. Crypto derivatives trading volume grew at a 179% compound annual rate over two years, with the platform leading in global options open interest. Subscription and services revenue now represents 49% of total net revenue, reflecting the shift toward less-volatile recurring revenue streams.
We continued to execute well on things in our control and compound gains. One of our major assets is that we are the most trusted player in crypto and store more crypto than any company in the world, so it was great that we returned to our peak Assets on Platform market share. Prediction markets have been one of the fastest-growing products in Coinbase history, growing even through slower sports months driven by crypto contracts where we have a strong right to win.
– Brian Armstrong, Co-Founder and CEO, Coinbase
We delivered growth across key profitability measures in Q3, including our 15th consecutive quarter of positive Adjusted EBITDA. Subscription and services revenue grew quarter over quarter and now represents nearly half of net revenue. Prediction markets are adding another revenue stream and are less correlated to crypto volatility. These businesses make Coinbase more diversified and resilient across market cycles.
– Alesia Haas, Chief Financial Officer, Coinbase
The platform continued to strengthen its stablecoin footprint, capturing approximately 50% of all USDC economics over the past year through onchain partnerships and deeper product integration. The average daily loan book balance reached an all-time high, up 74% year-over-year. Coinbase stores more digital assets than any other company globally and serves consumers through financial apps, institutions through Coinbase Prime, and developers through its Developer Platform.
Brian Armstrong, Co-Founder and CEO of Coinbase. Source: LinkedIn
Alesia Haas, Chief Financial Officer at Coinbase. Source: LinkedIn
