Coinbase Says Prediction Markets Now a $200M-a-Year Business

The striking detail is the divergence: prediction markets are now a meaningful revenue line for Coinbase while its core crypto trading business is described as slow, suggesting event contracts are becoming a genuine diversification story rather than a side experiment. Equally notable is the profit composition — GAAP results were driven by mark-to-market gains on Coinbase's own holdings, so the adjusted figure is the cleaner read on operating health. Whether prediction markets keep scaling independently of crypto sentiment, and how much of headline profitability rests on balance-sheet exposure, are the open questions.