Coinbase Global Inc. on Thursday reported third-quarter net income of $719 million, while Techmeme, summarizing Bloomberg, said revenue fell 35% from a year earlier to $1.22 billion, matching estimates^1,2.

Techmeme said the profit was Coinbase's first in a year and rose 66% from a year earlier, driven by unrealized gains on crypto assets¹. Coinbase's release reported adjusted net income of $78 million and adjusted EBITDA of $333 million, up 60% from the second quarter and the 15th consecutive quarter of positive adjusted EBITDA².

The company's earnings statement did not highlight the year-over-year revenue percentage change that Bloomberg led with^1,2. Coinbase said subscription and services revenue was 49% of net revenue in the quarter ended Sept. 30².

Coinbase said average USDC held in its products reached a record $22 billion, about 30% of average USDC market capitalization, and that paid Coinbase One subscribers hit an all-time high, up 24% year over year².

The company said its crypto trading volume market share reached 10.7%, a fourth straight quarterly gain, and that assets on platform returned to a peak 12.5% of total crypto market capitalization². Prediction markets surpassed $200 million in annualized revenue, Coinbase said, with daily traders up more than 60% from the prior quarter².

Chief Executive Brian Armstrong said the company had returned to peak assets-on-platform market share and called prediction markets among its fastest-growing products². Chief Financial Officer Alesia Haas said subscription and services revenue grew from the prior quarter and that prediction markets are less correlated with crypto volatility².