Coinbase Posts $719 Million Q3 Profit on $715 Million in Crypto Gains
Photo: TokenPost
Coinbase returned to quarterly profit with $718.7 million in net income for the three months ended Sept. 30, driven by crypto investment gains even as trading revenue declined. The company recorded $715 million in gains on crypto assets held for investment. The gains primarily reflected changes in fair value, mainly for Bitcoin (BTC) and Ether (ETH). Reported net income was $432.6 million in the same quarter a year earlier. Transaction revenue fell 44% from a year earlier to $590.2 million. Consumer spot trading volume declined 59%, while institutional spot volume fell 53%.
Also reported by Cointribune.
Source: TokenPost
