Coinbase Reports $719 Million Profit as Crypto Gains Lift Earnings

Coinbase reports $719 million in quarterly profit, but adjusted earnings of $78 million show how heavily investment gains influenced the result. Coinbase reported $718.7 million in third-quarter net income on October 29, with gains on crypto held for investment accounting for much of the headline result. Its adjusted net income was $77.7 million, a substantially smaller figure that gives investors a different view of the exchange operator's performance. The distinction matters because a crypto company's earnings can improve when the value of its own holdings rises, even if the business of serving customers faces pressure.