Coinbase reported $719M in Q3 profit, but $715M of it came from paper gains on its crypto holdings

Coinbase reported $719M in Q3 profit, but $715M of it came from paper gains on its crypto holdings

Coinbase reported earnings and they did well, but the footnote there is that they did well because their crypto went up. They reported 718.7 million in net income. 715 million of that was gains on crypto investments. We know from Robinhood earnings and other earnings that crypto trading has been down. It’s been a bear market. For Robinhood, it was prediction markets and other things that accounted for that gap. For Coinbase, it’s actually the assets that they own that accounted for that massive gap.

#Coinbase #Crypto

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