Coinbase Returns to Profit—but Nearly All of Its $719 Million Came From Crypto Gains

By Isaac • October 29, 2026 11:28 pm •

Coinbase is back in the black after two losing quarters, but the number doing the heavy lifting deserves a closer look.

The exchange reported third-quarter net income of $719 million, or $2.51 per diluted share. That looks like a dramatic operating turnaround at first glance.

In reality, about $715 million came from gains on crypto Coinbase holds as an investment. Strip out investment gains and related adjustments, and adjusted net income was a much more modest $78 million.

Decrypt reports that total revenue landed at $1.22 billion, essentially flat from the second quarter and 35% below the same period a year ago. Transaction revenue slipped 1% to $590 million, although that still beat the roughly $527