Coinbase reported adjusted net income of $719 million in the third quarter, up 66% from a year earlier, largely driven by the recovery in the cryptocurrency market. Its earnings came in at $2.51 per share, while revenue of $1.20 billion fell short of the $1.233 billion analysts expected. The value of Coinbase’s digital asset portfolio increased with the market resurgence, as bitcoin gained 39% over the quarter. The company also expanded beyond bitcoin through prediction markets, tokenized real-world assets and artificial intelligence tools for traders. Annualized prediction market revenue exceeded $200 million, while the number of traders increased 60% from the second quarter.
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