Coinbase reported a mixed third quarter, with revenue falling short of analysts’ expectations as the number of users making monthly transactions declined. At the same time, subscription and services income continued to expand, while filings disclosed plans that could allow Chief Executive Brian Armstrong and other senior executives to sell millions of shares. The developments came as a major security incident at Binance unsettled cryptocurrency markets.
Revenue misses expectations as users fall
Coinbase generated $1.20 billion in third-quarter revenue, below the $1.233 billion analysts had expected, according to company filings and reporting by Bitcoin Magazine. The exchange remains closely linked to trading activity, but its subscription and services business produced $570 million, highlighting the growing contribution from more recurring sources of income.
Monthly Transacting Users dropped to 7.4 million from 9.3 million a year earlier. Coinbase attributed the decline to broader market conditions during its earnings call. However, the company’s share of crypto trading volume increased to 10.7%, marking a fourth consecutive quarterly gain. That combination suggests Coinbase captured a larger portion of activity even while overall participation weakened.
Adjusted EBITDA reached $332.9 million, extending the company’s streak to 15 consecutive profitable quarters on that measure. Coinbase also said its prediction-markets business had exceeded $200 million in annualized revenue, while Coinbase One reached a record subscriber count.
Armstrong establishes a share-sale plan
Filings dated October 30 showed that Armstrong adopted a Rule 10b5-1 plan in August covering the potential sale of as many as 8.17 million Class A shares. The scheduled transactions may begin on November 16 and continue through October 2027, subject to stock-price conditions.
Rule 10b5-1 plans allow company insiders to arrange stock sales in advance rather than deciding on individual transactions while possessing potentially sensitive information. Co-founder Fred Ehrsam and President Emilie Choi have similar arrangements, bringing the potential combined sales under the reported plans to about 13.6 million shares.
The filing follows earlier sales by Armstrong. VanEck analyst Matthew Sigel previously tracked approximately $545.7 million of his sales over a nine-month period beginning in April 2025. Armstrong has described the transactions as risk management rather than an indication about Coinbase’s prospects.
Binance breach weighs on crypto markets
Coinbase shares fell about 15% on October 30, although the decline was not necessarily driven by the earnings release. Binance disclosed the previous day that it estimated a security breach had caused losses of $6.3 billion, potentially the largest crypto theft on record. About $3 billion in assets had been frozen, with help from industry partners.
The attackers have allegedly been linked to North Korea, but Binance has not assigned responsibility to a specific group and said it found no evidence that a wallet private key had been leaked. Binance reported $6.34 billion in reserves available to cover losses, said customer deposits were unaffected and expected withdrawals to resume within 48 hours. The figures remained preliminary and differed slightly among reports.
Bitcoin fell roughly 4.5% to below $77,000 during the market reaction. Strategy shares declined nearly 10%, while Strive shares fell more than 12% at times. Coinbase stock was down more than 55% for the year.
Current market picture
Moneyiar data at 12:58-12:59 on November 1, 2026, showed Bitcoin at $77,777.80, up 0.47% over 24 hours but down 3.20% over seven days. BNB was $712.08, up 0.99% in 24 hours and down 3.62% over seven days. TRON was $0.3103, down 2.65% and 5.66%, respectively, while eCash was $0.000006363, down 1.05% over 24 hours and 5.33% over seven days.
