COINBASE Q3 EARNINGS

Summary from the TLDR Crypto newsletter

Coinbase posted Q3 GAAP net income of $719M, but adjusted net income came in at $78M after stripping out $641M in unrealized gains on crypto held as a treasury asset. CFO Alesia Haas confirmed the GAAP figure reflects mark-to-market appreciation, not operational earnings. Coinbase CEO Brian Armstrong filed a 10b5-1 plan to sell up to 8.17M COIN shares (~$1.31B) through October 2027, with co-founder Fred Ehrsam and COO Emilie Choi entering similar plans for up to 3.87M and 1.56M shares. The pre-scheduled filings insulate executives from insider trading claims and represent a combined potential disposal of over 13.6M shares.