Coinbase Misses Revenue Estimates as Transacting Users Decline

Coinbase Misses Revenue — Coinbase reported third-quarter revenue of $1.20 billion, missing analyst estimates, as its monthly transacting users fell to 7.4 million.

The exchange’s subscription and services revenue grew to $570 million, and its share of crypto trading volume increased to 10.7%. Adjusted EBITDA was $332.9 million, marking 15 consecutive profitable quarters on that measure. Separately, CEO Brian Armstrong established a plan to sell up to 8.17 million shares under an SEC rule, with co-founder Fred Ehrsam and President Emilie Choi filing similar plans.

Coinbase also disclosed a purchase of 643 Bitcoin for its corporate treasury during the quarter. The company’s stock fell sharply, though the report noted this was partly due to a major security breach disclosed by Binance.