Coinbase's Q3 revenue falls short and users drop to 7.4 million, and its stock sinks as the Binance hack weighs on crypto shares

Published Fri, 30 Oct 2026 17:48:27 UTC · Updated Fri, 30 Oct 2026 19:20:00 UTC · Edited by Bizzle · AI-assisted

⚪NeutralWeaker revenue and fewer users hit Coinbase's stock, but crypto gains still lifted profit and the news centers on an exchange's shares rather than a specific coin.News sentiment, not financial advice. It reflects the likely impact of this news, not a price prediction.

Summary

Coinbase reported a third-quarter revenue decline on Thursday, and its shares fell sharply Friday, a day after Binance disclosed its roughly $6.3 billion hack, Cointelegraph and Bitcoin Magazine reported.

The outlets give slightly different revenue figures: Bitcoin Magazine put revenue at $1.20 billion against $1.233 billion analysts expected, while Cointelegraph said net revenue fell about 34% year over year to $1.16 billion.

Net income was $719 million, lifted by about $715 million in gains on crypto investments, while adjusted net income was $78 million, Cointelegraph reported; Bitcoin Magazine said monthly transacting users fell to 7.4 million from 9.3 million a year earlier, which Coinbase blamed on market conditions.

Cointelegraph said Coinbase shares dropped more than 13% Friday and Bitcoin Magazine said about 15%, with Bitcoin Magazine noting the drop was not necessarily due to earnings; Circle fell more than 9% and Strategy about 8%, per Cointelegraph.

Key facts

Coinbase's prediction markets business passed $200 million in annualized revenue, both outlets reported. (Cointelegraph)
Subscription and services revenue reached $570 million and Coinbase's share of crypto trading volume rose to 10.7%, its fourth straight quarterly gain, Bitcoin Magazine reported. (Bitcoin Magazine)
Adjusted EBITDA was $332.9 million, extending a run of 15 straight profitable quarters on that measure, Bitcoin Magazine reported. (Bitcoin Magazine)
Filings show CEO Brian Armstrong adopted a Rule 10b5-1 plan in August to sell up to 8.17 million Class A shares from Nov. 16 through October 2027, and with similar plans from Fred Ehrsam and Emilie Choi the total is about 13.6 million shares, Bitcoin Magazine reported. (Bitcoin Magazine)
IREN fell more than 10% and Figure Technology Solutions about 9% in the same crypto-stock selloff, Cointelegraph reported, citing Yahoo Finance data. (Cointelegraph)
Bitcoin Magazine said Coinbase stock is down more than 55% this year. (Bitcoin Magazine)