Coinbase’s Q3 2026 results, released October 29, showed net revenue of $1.22 billion (down 35% year-over-year) as transaction revenue fell 44% to $590 million amid lower spot volumes, though subscription and services revenue held near $570 million and now comprises 49% of the total. A $715 million unrealized gain on crypto holdings drove GAAP net income to $719 million ($2.51 per share), but adjusted net income was only $78 million and adjusted EBITDA declined 58% to $333 million. The stock fell more than 13% on October 30 to approximately $139–$140 after the print, extending its 29% year-to-date decline and placing it well below the analyst consensus price target near $211. A broader crypto selloff following a major Binance incident added pressure, while growing prediction-market and USDC revenue streams and continued market-share gains offered limited support.