Coinbase’s $719M Q3 Profit Was Nearly All a $715M Unrealized Crypto Gain

Coinbase reported $719 million in net income for the third quarter of 2026. The number that describes how the exchange actually operated is $78 million. That is adjusted net income after the company removed a $715 million unrealized gain on the crypto assets it holds for investment, per the reconciliation in Coinbase’s Q3 earnings release . The gap is the story. Under the fair-value accounting Coinbase adopted with ASU 2023-08, bitcoin and ether on the company’s own balance sheet are marked to market every quarter, so a rally flows straight into GAAP net income.

Source: Blockchain Reporter