Coinbase tops Q3 transaction revenue estimates as crypto gains lift profit

Coinbase beat Q3 transaction revenue estimates as rising crypto prices lifted its profit. Average USDC held in Coinbase products reached a record $22 billion, and adjusted net income came in at $77.7 million versus $719 million reported. Traders read the beat as a sign exchange volumes and stablecoin balances are holding up, a positive signal for the sector.