Coinbase Says Prediction Markets Are Now a $200 Million-a-Year Business Despite a Slow Crypto Quarter

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. Coinbase’s prediction markets business is now bringing in more than $200 million a year on an annualized basis, while the number of paying Coinbase One members grew 24% year over year to an all-time high, the exchange reported on Oct. 29. The quarter also opened a wide gap between Coinbase’s two profit measures. Net income was $719 million , while adjusted net income was $78 million .