Coinbase Outcomes Overshadowed By Brian Armstrong Stunt

Coinbase’s earnings had been really field workplace within the third quarter — surging by over 400% in contrast with the identical interval final yr.

However over on Crypto Twitter, it isn’t the financials which might be grabbing headlines… it’s what CEO Brian Armstrong did on the finish of a name with analysts. He mentioned:

“I used to be a bit distracted as a result of I used to be monitoring the prediction market about what Coinbase will say on their subsequent earnings name. I simply wish to add right here the phrases Bitcoin, Ethereum, blockchain, staking and Web3 — to verify we get these in earlier than the tip of the decision.”

Bets had been positioned on what could be talked about throughout Polymarket and Kalshi, with tens of hundreds of {dollars} staked. Due to Armstrong, anybody who voted “sure” would have made a tidy revenue.

This type of exposes one of many largest issues with Polymarket: if somebody able of energy realizes that wagers are being taken on their actions, it might change their conduct. (It’s essential to emphasize that there’s no suggestion of insider buying and selling right here — and it’s uncertain that Armstrong has cashed in from this stunt.)

Whereas some noticed the humorous facet, describing the entrepreneur as a “legend,” others have overtly questioned whether or not this quantities to market manipulation. Cinneamhain Ventures accomplice Adam Cochran wasn’t amused both, writing:

“If I had been the CEO of an trade with CFTC-regulated merchandise, I’d merely not purposefully manipulate the result states of prediction markets on different CFTC-regulated exchanges throughout an earnings name… after which submit about it on Twitter.”

Coinbase Shares Get Bullish Increase

Let’s get again to the primary occasion itself: Coinbase’s outcomes for the third quarter of 2025. Internet earnings within the three months to the tip of September stood at a wholesome $432.6 million — far past the $75.5 million over the identical interval in 2024. That’s the equal of $1.50 a share, far past the $1.10 anticipated by some analysts.

Income was additionally better than anticipated at $1.8 billion, with $1 billion of this linked to transactions as buying and selling volumes spiked — with customers returning to the trade to capitalize on Bitcoin and Ether hitting new file highs.

In a letter to shareholders, Coinbase revealed that it continues to extend the variety of cryptocurrencies that may be purchased and bought by means of its platform — which means it now represents 90% of the business’s complete market capitalization.

On that ever-so-controversial earnings name, Armstrong declared it was a “nice quarter” — and Coinbase’s core enterprise is “extremely robust.” He additionally burdened that the trade held up nicely when the markets crashed again on October 10, with billions of {dollars} in liquidations as Binance suffered technical difficulties.

“We truly operated very nicely with out disruption. And we didn’t have any downtime or degraded latency round market information or something like that. In order that was a results of a number of funding we’ve made during the last yr or two in doing load testing … a number of main exchanges skilled prolonged outages throughout that point and we didn’t have any.”

Armstrong repeated his ambition of reworking Coinbase into the “Every part Change” — and stays agency in his perception that every one property will finally migrate on-chain. He went on to verify {that a} particular presentation goes to be held on December seventeenth, the place Coinbase will reveal the merchandise that it’s been engaged on within the second half of this yr.

Coinbase’s share worth jumped throughout Friday’s buying and selling session on Wall Road — up by 8.8% on the time of writing. COIN has additionally jumped by 75.8% over the previous six months, and is now double what it was value a yr in the past.

Nonetheless, the massive problem now’s what occurs subsequent. The monetary efficiency of prime exchanges can typically fluctuate wildly from one quarter to the subsequent, as they depend on prime property exhibiting bullish momentum. With BTC getting ready to closing this month down 2.7% — its first October loss since 2018 — Coinbase might wrestle to maintain these spectacular revenues.

Nonetheless, some analysts nonetheless consider Coinbase’s inventory has some upside potential, with one setting a goal of $421 per share, an increase of about 19% from present ranges.

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