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๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข GAAP Net Income: $719M.
โข Adjusted Net Income: $78M.
โข Adjusted EBITDA: $333M, +60% QoQ.
โข Crypto Trading Volume Market Share: 10.7%.
โข Subscription & Services: 49% of Net Revenue.
โข Average USDC Held: $22B, +49% YoY.
โข Paid Coinbase One Subscribers: +24% YoY.
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๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Delivered its 15th consecutive quarter of positive adjusted EBITDA despite softer crypto market conditions.
โข Crypto trading market share reached 10.7%, marking the fourth consecutive quarter of gains.
โข Prediction markets surpassed $200M in annualized revenue, with 82% compound quarterly growth since launch.
โข Prediction market daily traders increased more than 60% QoQ.
โข Subscription and services accounted for nearly half of net revenue, reducing reliance on trading activity.
โข Average USDC held in Coinbase products reached a record $22B, representing ~30% of average USDC market capitalization.
โข Coinbase One paid subscribers reached a record high, with 3.5x higher ARPU and 4.2x higher balances per user.
โข Derivatives trading volume recorded 179% CAGR over the past two years.
โข Assets on Platform reached 12.5% of total crypto market capitalization.
โข Tokenized stock trading volume on Base surpassed $1B since launch.
โข Average daily loan book balance increased 74% YoY.
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๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โSubscription and services revenue grew quarter over quarter and now represents nearly half of net revenue. Prediction markets are adding another revenue stream and are less correlated to crypto volatility.โ