Coinbase reported net income of $719 million in the third quarter, compared with $433 million a year earlier, marking a 66% increase. Total revenue nevertheless fell 35% to $1.22 billion as transaction-related trading revenue declined. Prediction markets, derivatives and subscription services accounted for approximately 25% of transaction revenue, with prediction markets generating more than $200 million in annualized revenue. Coinbase has thus reduced its reliance on trading fees, but its profits remain tied to cryptocurrency valuations, including a $715 million investment gain.
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