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Coinbase (COIN) Misses Revenue Estimates as Users Fall, Armstrong Sets Up New Share Sales

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Coinbase (COIN) Misses Revenue Estimates as Users Fall, Armstrong Sets Up New Share Sales

Bitcoin Magazine

Coinbase (COIN) Misses Revenue Estimates as Users Fall, Armstrong Sets Up New Share Sales

Coinbase had a mixed third quarter. Revenue came in at $1.20 billion, below the $1.233 billion analysts expected, according to company filings. Subscription and services revenue did better, reaching $570 million. The company is still heavily tied to trading activity, but its recurring income is growing.

Monthly Transacting Users fell to 7.4 million, down from 9.3 million a year earlier. During its earnings call, Coinbase blamed overall market conditions. Its share of crypto trading volume did rise to 10.7%, the fourth straight quarter of gains, which suggests it is winning business even as the broader market quiets. 

Adjusted EBITDA was $332.9 million, extending a run of 15 straight profitable quarters on that measure. The prediction markets business passed $200 million in annualized revenue, and Coinbase One hit a record number of subscribers.

JUST IN: Coinbase disclosed buying 643 Bitcoin worth $1.5 billion for its balance sheet in Q3 🚀 pic.twitter.com/5BYdrwLCJN

Separately, filings reported on October 30 show CEO Brian Armstrong has set up a plan to sell up to 8.17 million Class A shares. He adopted the plan in August under SEC Rule 10b5-1, which lets executives schedule sales ahead of time. Sales could run from November 16 through October 2027, subject to stock price conditions. Co-founder Fred Ehrsam and President Emilie Choi have similar plans, bringing the total to about 13.6 million shares.

This is not new territory for Armstrong. 7 million in sales over nine months, starting in April 2025.


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