The report was released on 29 October
Coinbase said paid Coinbase One subscribers increased 24% from a year earlier. Active prediction-market traders rose 60% from the previous quarter, while the product exceeded a $200 million annualised net revenue pace.
That run rate describes the current pace of the business and should not be read as completed annual revenue. It nevertheless shows that prediction markets have become a significant revenue contributor.
USDC balances reached a new high
Average USDC held in Coinbase products reached $22 billion, up 49% year on year. The balance supports payments, rewards and settlement even when customers are not actively trading volatile assets.
Coinbase also said subscription and services revenue was $570 million. The segment represented 49% of total net revenue in the quarter.
| Metric | Q3 2026 result |
|---|---|
| Coinbase One subscribers | +24% year on year |
| Prediction-market active traders | +60% quarter on quarter |
| Prediction-market revenue pace | $200m+ annualised |
| Average USDC in Coinbase products | $22bn, +49% year on year |
| Subscription and services revenue | $570m, 49% of net revenue |
| Total revenue | $1.2bn |
| Net income / adjusted net income | $719m / $78m |
Revenue and profit require context
Total revenue was $1.2 billion, while reported net income reached $719 million. Adjusted net income was much lower at $78 million, so the headline profit included items that were removed from the adjusted measure.
The gap is important for comparing the underlying quarter with other periods. Investors should not treat reported and adjusted profit as interchangeable figures.
Customer retention is the next test
Coinbase now has more recurring-revenue products, but their value depends on users remaining active after major market events. Subscription benefits must keep customers engaged, and prediction-market activity must extend beyond a small number of high-profile contracts.
The quarter shows measurable growth in subscriptions, USDC balances and prediction markets. Future reports will reveal whether those gains can remain stable when trading conditions become less favourable.
This article is for information only and is not investment advice.
admin_wcContributor · World-CryptMore from
