Coinbase’s earnings had been really field workplace within the third quarter — surging by over 400% in contrast with the identical interval final yr.
However over on Crypto Twitter, it isn’t the financials which are grabbing headlines… it’s what CEO Brian Armstrong did on the finish of a name with analysts. He mentioned:
“I used to be a bit of distracted as a result of I used to be monitoring the prediction market about what Coinbase will say on their subsequent earnings name. I simply wish to add right here the phrases Bitcoin, Ethereum, blockchain, staking and Web3 — to verify we get these in earlier than the tip of the decision.”
Bets had been positioned on what can be talked about throughout Polymarket and Kalshi, with tens of hundreds of {dollars} staked. Due to Armstrong, anybody who voted “sure” would have made a tidy revenue.
This sort of exposes one of many largest issues with Polymarket: if somebody able of energy realizes that wagers are being taken on their actions, it may change their habits. (It’s vital to emphasize that there’s no suggestion of insider buying and selling right here — and it’s uncertain that Armstrong has cashed in from this stunt.)
Whereas some noticed the humorous aspect, describing the entrepreneur as a “legend,” others have overtly questioned whether or not this quantities to market manipulation. Cinneamhain Ventures companion Adam Cochran wasn’t amused both, writing:
“If I had been the CEO of an alternate with CFTC-regulated merchandise, I might merely not purposefully manipulate the end result states of prediction markets on different CFTC-regulated exchanges throughout an earnings name… after which submit about it on Twitter.”
Let’s get again to the principle occasion itself: Coinbase’s outcomes for the third quarter of 2025. Internet earnings within the three months to the tip of September stood at a wholesome $432.6 million — far past the $75.5 million over the identical interval in 2024. That’s the equal of $1.50 a share, far past the $1.10 anticipated by some analysts.
Income was additionally better than anticipated at $1.8 billion, with $1 billion of this linked to transactions as buying and selling volumes spiked — with customers returning to the alternate to capitalize on Bitcoin and Ether hitting new file highs.
In a letter to shareholders, Coinbase revealed that it continues to extend the variety of cryptocurrencies that may be purchased and offered by its platform — that means it now represents 90% of the business’s complete market capitalization.
On that ever-so-controversial earnings name, Armstrong declared it was a “nice quarter” — and Coinbase’s core enterprise is “extremely robust.” He additionally harassed that the alternate held up properly when the markets crashed again on October 10, with billions of {dollars} in liquidations as Binance suffered technical difficulties.
