Coinbase Reports $719 Million Third-Quarter Profit

Coinbase Global reported net income of $718.7 million for the third quarter of 2026, a sharp turnaround from losses earlier in the year, but most of the profit reflected gains on investments rather than earnings from its core business. The cryptocurrency exchange said earnings were $2.51 per share for the quarter ended September 30. Its net income included $715 million in gains on cryptocurrency investments, other investments and related tax adjustments. After excluding those items, adjusted net income was $78 million, according to the company’s results. The reports differ on whether the profit ended two or three consecutive quarters of losses. Coinbase’s second-quarter results included a $359.5 million net loss, while one account described a three-quarter losing streak before the latest profit and another reported two consecutive quarterly losses. The materials do not resolve that difference. Transaction revenue was $590.2 million, down from $1.05 billion in the year-earlier quarter, according to the results reporting. Coinbase’s operating expenses fell about 17% year over year to $1.15 billion from $1.39 billion. Those lower expenses helped offset weaker transaction revenue,...