Add as a preferred source on GoogleCoinbase Reports $719M in Q3 Profit, Mostly From Investment Gains
Net revenue fell to $1.16 billion from $1.76 billion a year earlier, while adjusted net income was $77.7 million.
That mix makes the headline profit figure much larger than Coinbase’s adjusted earnings measure.
Coinbase recorded $715.022 million in net gains on crypto assets held for investment. Adjusted net income was $77.7 million after excluding those gains and other adjustments.
Alesia Haas, Coinbase’s CFO, said, “Quarterly net income was $719 million, driven largely by unrealized gains on crypto assets that we hold for investment.”
Net revenue was $1.160 billion, down from $1.763 billion a year earlier. Transaction revenue fell 44% to $590.2 million.
Adjusted EBITDA reached $332.9 million, up 60% from the second quarter and extending Coinbase’s streak of positive adjusted EBITDA to 15 quarters. Adjusted EBITDA is a non-GAAP measure.
Net income is a GAAP measure; adjusted net income and adjusted EBITDA are non-GAAP measures.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.