Coinbase narrows loss while crypto trading volumes fall in Q3
Cryptocurrency exchange Coinbase narrowed its net loss to $2 million in the third quarter, as inotched a year-on-year increase in revenue despite lower trading volumes.
The firm’s net loss in Q3 was trimmed from a $545 million net loss in the prior year period, according to a Nov. 2 earnings statement.
Total revenue increased 14.2% year-on-year to $674.1 million, though quarter-on-quarter revenue fell 4.8%. The figure beat London Stock Exchange Group’s estimate of $653.2 million, according to a report from Reuters.
Of the total revenue, $334.4 million came from subscription and services (mostly stablecoin and blockchain rewards), while $288.6 million came from transaction-based revenues.
Our Q3’23 update is in.
— Coinbase ️ (@coinbase) November 2, 2023
Read the full shareholder letter and tune in to our earnings call here → https://t.co/fod43YZcAY pic.twitter.com/Iusjw1Uysx
Meanwhile, consumer trading volume came in at $11 billion, a fall from $26 billion in Q3 2022.
Institutional trading volumes came in at $65 billion, down from $78 million in Q2 and $133 million in Q3 2022.
These volumes have been trending downwards for five consecutive quarters.
Despite this, Coinbase said in a statement it was pleased with how the quarter played out:
“Q3 was a strong quarter for Coinbase. Amid multi-year low levels of volatility, we are pleased with our financial results.”
The exchange also produced a positive adjusted EBITDA for the third consecutive quarter — a sign that they’re building toward a “sustainable business” that can drive “long term growth,” it said.
Adjusted EBITDA stands for earnings before interest, taxes, depreciation and amortization and is a metric that provides analysts a means to make more meaningful comparisons to a variety of companies in the same industry.
Related: Coinbase launches regulated crypto futures services for US retail traders

Coinbase’s share price (COIN) spiked 8.7% to $84.6 during trading hours but then fell 3.7% to $81.5 in after-hours trading, following the results filing, according to Google Finance.
Magazine: Slumdog billionaire: Incredible rags-to-riches tale of Polygon’s Sandeep Nailwal
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Whale Sells $5.48M in TRUMP Token, Gains $483K
A crypto whale offloaded 630,339 TRUMP tokens for $5.48M, pocketing nearly $483K in profit at $8.70 per token.Whale Exits TRUMP Token with Nearly Half a Million in ProfitSmart Profit-Taking or Early Exit?Whale Moves as a Market Signal

Buy Low, Fly High: Arctic Pablo at $0.000099 Eyes $0.008 Surge, While Fwog And Pudgy Penguins Push Boundaries
Explore Arctic Pablo Coin's presale, Pudgy Penguins' gaming expansion, and Fwog's market trends. Discover the Top New Meme Coins to Invest in April 2025.Arctic Pablo Coin (APC): Staking and RewardsArctic Pablo Coin (APC): Presale Reaches Frostbite CityPudgy Penguins: Expanding into Mobile GamingFwog: Gaining Momentum in the Meme Coin MarketWrapping Up: Arctic Pablo Coin (APC) Stands OutFor More Information:

Australian Court Overturns License Ruling Against Block Earner, Sides with Fintech in Landmark Crypto Case
In a significant legal win for Australia’s crypto and fintech industry, the Federal Court has overturned a previous ruling that required digital finance firm Block Earner to obtain a financial services license for its discontinued fixed-yield crypto product.

Symbiotic Raises $29 Million to Build Universal Staking Coordination Layer
Symbiotic, a decentralised finance (DeFi) protocol, has secured $29 million in a funding round led by Paradigm and cyber.Fund.

Trending news
MoreCrypto prices
More








