Coinbase Revenue Declines 35% as Prediction Market Business Partially Offsets Performance Pressure

Deep News10-30 18:05

Coinbase says its prediction market business has surpassed $200 million in annualized revenue.

Affected by a cooling in overall cryptocurrency market trading activity, Coinbase Global, Inc. (NASDAQ: COIN) reported third-quarter revenue of $1.2 billion, down 35% year-over-year and roughly flat compared to the second quarter; its prediction market business has already exceeded $200 million in annualized revenue.

The company posted net income of $719 million, up 66% year-over-year.

Previously, the company had recorded losses for three consecutive quarters.

Stablecoin business revenue reached $307 million, up 5% quarter-over-quarter.

Coinbase Global, Inc. (NASDAQ: COIN) stated that it plans to build "based on USDC, a proprietary clearing system, and a full end-to-end infrastructure" in order to optimize the profitability of its prediction market business.

Currently, its prediction market trading platform is powered by Kalshi.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment