Highlights

  • Third quarter net Revenue was USD 1.16 billion against USD 1.76 billion.
  • Net income was USD 718.7 million against USD 432.6 million.
  • Transaction revenue was USD 590.2 million and subscription and services revenue was USD 570.2 million.
  • Coinbase holds about 30% of total USDC in circulation as Assets on its platform.

Coinbase Global, Inc. (NASDAQ:COIN) shares were trading near their 52-week low at USD 134.13 on November 6, 2026, down 1.97% on the day. The company reported third quarter net revenue of USD 1.16 billion against USD 1.76 billion, and Net Income of USD 718.7 million against USD 432.6 million.

Coinbase has a market Capitalization of about USD 35.51 billion at the current price. It had 223,729,527 Class A shares and 41,033,891 Class B shares outstanding as of October 22, 2026.

Third Quarter Results

Total revenue was USD 1,215.6 million against USD 1,868.7 million. Total operating expenses fell to USD 1,153.9 million from USD 1,388.2 million, and Operating Income was USD 61.7 million against USD 480.5 million. Diluted net income was USD 721.5 million against USD 437.1 million. Transaction expense was USD 194.5 million against USD 253.3 million, and technology and development expense was USD 447.4 million against USD 430.6 million.

Nine Month Results

Net revenue was USD 3,654.1 million against USD 5,096.2 million, and total revenue was USD 3,848.6 million against USD 5,400.2 million. The company reported an operating loss of USD 73.2 million against operating income of USD 1,161.7 million, and a net loss of USD 34.9 million against net income of USD 1,927.1 million. Net cash provided by Operating Activities was USD 785.5 million against USD 1,802.7 million.

Business Mix

Management said overall crypto spot trading Volume fell 10% quarter over quarter. Subscription and services made up roughly 49% of total net revenues, and predictions and Derivatives together were about 25% of total transaction revenue. One product crossed USD 200 million of annualized run rate revenue during the quarter. Management said agentic trading volume is growing about 20% week over week.

USDC

Management said Coinbase is a co-founder of USDC and is committed to growing it, captures about 50% of the overall economics, and holds about 30% of total USDC in circulation as assets on its platform. It said it has seen all time highs in USDC use on the platform and is placing USDC on Base to support payments for developers.

Balance Sheet

Cash and cash equivalents were USD 8,603.8 million against USD 11,285.5 million at the end of 2025. Total assets were USD 27,385.3 million, total liabilities were USD 13,445.1 million and shareholders' Equity was USD 13,940.2 million. Net cash used in financing activities was USD 3,417.1 million for the nine months.