Coinbase Global Inc. ($COIN) saw its stock price plummet by 10.62% on October 30, 2026, closing at $143.54. Despite this sharp decline, the company reported a net income of $719 million for Q3 2026, a significant increase from the $433 million recorded in the same period last year. However, the adjusted net income was much lower at $78 million, while adjusted EBITDA reached $333 million, marking the 15th consecutive quarter of positive adjusted EBITDA.
The company also achieved several milestones, including a 10.7% market share in crypto trading volume and a record $22 billion in average USDC holdings across its products. Despite these positive indicators, the stock decline was attributed to underlying weaknesses, such as a 34% year-over-year drop in net revenue to $1.16 billion and a decrease in transaction revenue to $590 million due to weakened trading activity.
Additionally, Coinbase's regulatory filing revealed that CEO Brian Armstrong, co-founder Fred Ehrsam, and President Emilie Choi had adopted Rule 10b5-1 trading plans, potentially covering the sale of approximately 13.6 million COIN shares worth roughly $2.2 billion. The company also faced scrutiny following a data breach at third-party analytics provider Amplitude, which exposed user contact information, although Coinbase assured that its systems and customer funds remained unaffected.
Furthermore, Coinbase's compliance with the EU's MiCA regulations, which required restricting non-compliant stablecoins by October 30, led European traders to explore decentralized exchanges (DEXs) as alternatives.