Coinbase’s $719 million profit reveals a company caught between two crypto economies

Coinbase returned to a $719 million quarterly profit despite weaker crypto trading, buoyed by its investment gains in Bitcoin. The exchange's third-quarter earnings , released Oct. 29, showed revenue of $1.216 billion, largely unchanged from the previous quarter but down 35% year over year. Crypto spot trading volume fell 8% to $134.5 billion, while transaction revenue declined 44% from a year earlier to $590 million. Chief Financial Officer Alesia Haas said that Coinbase recorded its 15th consecutive quarter of positive adjusted earnings before interest, taxes, depreciation, and amortization, which reached $333 million, up 60% from the previous quarter.

Source: CryptoSlate