Coinbase reported a $719 million net profit in the third quarter despite weaker spot trading activity. Revenue reached $1.216 billion, down 35% year over year, while prediction markets generated more than $200 million in annualized revenue. Average USDC balances hit a record $22 billion, but rewards expenses grew faster than stablecoin revenue, reducing the residual amount by 16.6%. At the same time, Coinbase added 643 BTC and 2,370 ETH to its investments, with valuation gains on its crypto portfolio contributing approximately $715 million to quarterly profit.
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