Coinbase Says Prediction Markets Are Now a $200 Million-a-Year Business Despite a Slow Crypto Quarter
By Unchained
AI summary of the source article
Coinbase reported that its prediction markets business reached an annualized run rate surpassing $200 million, while third-quarter net income reached $719 million and total revenue held at $1.2 billion.
Why it matters
Brian Armstrong stated that receiving CFTC approval to list its own prediction market contracts is a step that "will improve our economics."
Key facts
- Coinbase's prediction markets business generates more than $200 million annualized, with revenue growing at an 82% compound quarterly rate since launch.
- Third-quarter net income was $719 million and adjusted net income was $78 million, up from a net loss of $359.5 million in the second quarter.
- Coinbase received approval from the CFTC to list its own prediction market contracts.
Source excerpt · Unchained
Mark-to-market gains in Coinbase's own crypto investment portfolio lifted GAAP profit to $719 million, more than nine times the $78 million adjusted figure. The post Coinbase Says Prediction Markets Are Now a $200 Million-a-Year Business Despite a Slow Crypto Quarter appeared first on Unchained .