Coinbase's prediction business grows. Annualised is not already earned.

Coinbase's 29 October earnings highlights report $719 million of Q3 net income and $78 million of adjusted net income. The company also says prediction markets surpassed $200 million in annualised revenue and paid Coinbase One subscriptions reached a record.

Adjusted EBITDA was $333 million, up 60% from the preceding quarter. Coinbase reports average USDC held in its products of $22 billion, a 49% increase from a year earlier. Its headline metrics describe several different aspects of the business, rather than a single interchangeable measure of performance.

Annualised revenue expresses a rate over a year; it should not be read as money already collected over twelve months or a guarantee about future receipts. Likewise, adjusted income and reported net income use different definitions. Their large gap is a reason to read the accompanying reconciliation, not choose whichever number best fits a bullish or bearish headline.

The development worth following is the mix of services contributing to the exchange business. Subscription growth and prediction-market activity broaden that picture, but the announcement alone does not establish how durable either trend will prove.