Coinbase Global (NASDAQ:COIN) reported third-quarter net income of $719 million, driven by a $715 million gain on crypto it holds as an investment. Shares fell about 2% in after-hours trading. Strip out that markup, and the core business earned far less than a year ago, even as it gained share. The headline profit is a price move, not an operating result. Coinbase marks the crypto it owns to market each quarter, so its bottom line swings with coin prices. Without those gains and other investment gains, adjusted net income was $78 million. The drop points to trading. Transaction fees rise and fall with prices and activity, and the release calls the market softer. Coinbase won a bigger slice of a smaller pie, which helps but can't make up the gap. The release gives no net revenue figure, so readers can't size the decline.
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