Coinbase’s $719 million profit reveals a company caught between two crypto economies

Coinbase reported $719 million in profit for Q3, but the results show a company split between stablecoin revenue and other parts of its business. The gap between stablecoin revenue and disclosed holder-rewards expense narrowed 16.6%, a calculation that excludes other costs and income. Traders watching COIN will weigh whether stablecoin economics can keep carrying earnings as other segments lag.