Coinbase Q3 net income jumps 66% as prediction markets gain traction

The signal here is mix shift, not headline profit: Coinbase's growth is increasingly coming from prediction markets and derivatives while spot trading cools, which matters for how the exchange's revenue durability is read. Bernstein's framing points to non-spot lines carrying more weight, a structural change worth tracking across other venues with similar product builds. Whether prediction markets keep scaling as a revenue offset, and how regulators treat that category, is the open question.