Coinbase reported Q3 revenue of $1.20 billion, missing analyst expectations of $1.233 billion. Monthly Transacting Users fell to 7.4 million from 9.3 million a year earlier. The company blamed market conditions but noted its crypto trading volume share rose to 10.7%, marking the fourth consecutive quarter of gains.
Subscription and services revenue reached $570 million. Adjusted EBITDA came in at $332.9 million, extending a streak of 15 consecutive profitable quarters on that measure. Prediction markets revenue passed $200 million annualized, and Coinbase One hit record subscriber numbers.
Coinbase purchased 643 Bitcoin worth $1.5 billion for its balance sheet in Q3.
CEO Brian Armstrong filed a plan to sell up to 8.17 million Class A shares under SEC Rule 10b5-1, with sales potentially running from November 16 through October 2027. Co-founder Fred Ehrsam and President Emilie Choi filed similar plans, bringing the total to about 13.6 million shares. Armstrong previously disclosed approximately $545.7 million in share sales over nine months starting in April 2025. He has characterized such sales as part of risk management.
Coinbase shares fell roughly 15% following the announcement, though broader market movement was tied to Binance's disclosure of a $6.3 billion security breach announced October 29. Bitcoin dropped roughly 4.5% to below $77,000.