Morning Minute is a each day publication written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially mirror these of Decrypt. Subscribe to the Morning Minute on Substack.
GM!
At the moment’s prime information:
Crypto majors fall 2-3% after Powell says charge reduce not sure in December
US Senator claims Binance helped with TRUMP launch for CZ pardon
Coinbase smashes earnings with $1.9B in income; Armstrong toys with point out markets
MSTR beats earnings with $2.8B in revenue, holds 640,808 BTC
Token Works pronounces REKTSTR as first ERC20 technique
📈 Coinbase Crushes Q3 Earnings, Transaction Income Toplines Surge
Crypto alternate Coinbase smashed its Q3 earnings.
And now finds itself outperforming Bitcoin in 2025.
📌 What Occurred
Coinbase introduced its Q3 outcomes yesterday after market closed, blowing previous expectations.
Key takeaways:
Income of $1.9B (~55% year-over-year), beating consensus by roughly $200M
Internet earnings $433M (477% YOY)
Transaction income topped $1B (+83% YOY), a demographic shift pushed by institutional flows and high-frequency buying and selling
Month-to-month transacting customers (MTUs) got here in at 12.6M, exceeding expectations and reversing the prior quarter’s decline
Base Layer (the corporate’s Layer-2 chain) achieved optimistic adjusted EBITDA for the primary time
Ahead steering: Coinbase initiatives This autumn income within the $2.2B–$2.3B vary, assuming common each day buying and selling quantity within the $300B vary and modest crypto value tailwinds.
Coinbase additionally purchased ~$300M of Bitcoin in Q3.
🗣️ What They’re Saying
“We’re accelerating funds by stablecoin adoption, which we anticipate will proceed given coverage tailwinds, and ongoing adoption from monetary establishments and corporates for cost and treasury wants.” – Coinbase shareholder letter
We had a robust Q3 at Coinbase:
– Important income, and optimistic adjusted EBITDA – Continued progress on our All the things Trade imaginative and prescient – Notable energy throughout derivatives merchandise
Right here’s a fast overview of our Q3 monetary outcomes: https://t.co/JfC0LaeAIl
Coinbase has a couple of components in its favor proper now: volatility, institutional demand, stablecoin adoption and favorable regulatory shifts.
Increasing on these:
Heightened volatility in digital-assets in July and robust institutional curiosity helped drive the surge in transaction revenues
They see the rising significance of stablecoins for funds and treasury use, saying they anticipate continued progress of stable-coin adoption supported by “coverage tailwinds” and institutional/ company demand
Buying and selling volumes and income benefited from a crypto rally tied to each macro developments and favorable regulatory shifts.
Plus, their L2 Base continues to shine and drive significant income for the corporate.
It’s a robust mixture.
And they’ll want it, with an increasing number of massive banks and establishments stepping into the crypto sport (custody, buying and selling and extra).
However perhaps that turns right into a tailwind for Coinbase as effectively, with their crypto-as-a-service providing beginning to take off.
The stronger Coinbase is, the extra interesting COIN inventory is in comparison with crypto majors (even Bitcoin).
Many who’re simply exploring the house will probably be drawn to the income and fundamentals COIN gives). And it has outperformed Bitcoin YTD.
If that pattern continues, count on extra capitulation out of crypto tokens and into the picks and shovels (COIN inventory).
🌎 Macro Crypto and Memes
A couple of Crypto and Web3 headlines that caught my eye:
Crypto majors are down 1-3% after a significant post-FOMC dip yesterday; BTC -3% at $110,100, ETH -3% at $3,900, BNB +1% at $1,120, SOL -2% at $192
ZEC (+2%) and AERO (+2%) led prime movers
870M+ was liquidated from the crypto market yesterday after Bitcoin’s dip to $106,000 driving many alts down 5-10%+
Senator Chris Murphy has alleged that Binance helped coordinate the Trump memecoin launch in alternate for CZ’s pardon (additionally featured on the WSJ)
Coinbase Q3 beat income with ~$1.9B, transaction income tops $1B
