Coinbase says prediction markets now a $200 million-a-year business despite slow crypto quarter
AI summary
Coinbase disclosed that its prediction markets business is now generating roughly $200 million a year, even as its core crypto trading activity slowed during the quarter. Mark-to-market gains on the company's own crypto holdings pushed GAAP profit to $719 million, more than nine times the $78 million adjusted figure. Traders will watch whether this non-trading revenue and portfolio-driven earnings can offset weaker crypto volumes for the exchange.
