Coinbase Profit Climbs 66% While Cipher Returns to Profit Amid Crypto Slowdown

Coinbase's prediction markets business passed $200 million in annualised revenue, roughly double the prior quarter's figure of about $100 million. According to Bernstein analysts cited by BitKE, prediction markets and derivatives made up around 25% of transaction revenue. Subscription and services revenue added $570.2 million, representing 49% of net revenue, while stablecoin revenue reached $328 million, up 3% from the previous quarter.

Separately, bitcoin miner Cipher reported a $31 million profit as it begins a pivot toward artificial intelligence, CoinDesk reported. The company's revenue fell 63% in the third quarter, but a $127 million accounting gain turned an operating loss into a reported profit.

Binance has reported roughly $3.64 billion in net outflows since resuming withdrawals following an October 29 breach described as the largest crypto exploit on record.