πŸŒ™ Coinbase Beats Q3 Estimates

Coinbase generated $674.1 million in revenue during the third quarter of 2023 compared to $590.3 million for the same period in 2022.

Author

Mike Gavela
November 02, 2023

Crypto Roundup - Nov 1

Coinbase has outperformed Q3 revenue expectations, reporting $674.1 million, a slight decline from Q2 but a year-over-year increase. The exchange saw a modest net loss of $2 million and an uptick in USDC interest income to $172 million, despite lower trading volumes. They are expanding into futures trading while navigating SEC scrutiny. MicroStrategy continues to bet on Bitcoin, purchasing an additional 155 bitcoins in October, totaling 158,400 held, although it faced a Q3 impairment loss. CEO Michael Saylor remains positive about the future institutional embrace of crypto due to evolving regulations. In the stablecoin sector, PayPal has received an SEC subpoena related to its stablecoin, launched in partnership with Paxos. While it garners attention from regulators and legislators alike, there’s bipartisan interest in clarifying the regulatory environment for stablecoins, as seen in the Clarity for Payment Stablecoins Act.

Top Stories:

  • Coinbase's Q3 Financials: Revenue exceeds estimates with a notable rebound in USDC interest income; faces a challenging trading environment and regulatory pressures.

  • MicroStrategy's Bitcoin Accumulation: Added 155 bitcoins recently, with a total of 158,400 held amidst a significant impairment loss, signaling continued confidence in cryptocurrency.

  • PayPal's SEC Inquiry: Received a subpoena concerning its stablecoin operations, spotlighting the regulatory focus on stablecoins and the push for clear legislative frameworks.

TOP STORIES

Coinbase beats Q3 estimates, USDC interest income rebounds to $172 million

Coinbase generated $674.1 million in revenue during the third quarter of 2023 compared to $590.3 million for the same period in 2022.

www.theblock.co/post/261218/coinbase-beats-q3-estimates-usdc-interest-income-rebounds-to-172-million

MicroStrategy Acquired an Additional 155 Bitcoin Since End of Q3

The company booked an impairment loss of $33.6 million on its digital asset holdings in the thrid quarter.

www.coindesk.com/business/2023/11/02/microstrategy-acquired-an-additional-155-bitcoin-since-end-of-q3

PayPal receives SEC subpoena over stablecoin

PayPal, in a 10-Q, disclosed the subpoena, which it received Thursday.

blockworks.co/news/paypal-receives-sec-subpoena-over-stablecoin

FUNDRAISES

OTHER HEADLINES

Solana retraces gains as analysts say multi-week rally is a price correction

Solana outperformed all other blue chips in a 27% rally this week, however, the altcoin has fallen by over 7% in the past 24 hours. 

www.theblock.co/post/261184/solana-retraces-gains-as-analysts-say-multi-week-rally-is-a-price-correction

Total stablecoin supply growth signals increased capital inflow, analysts say

Total stablecoin supply has increased since mid-October, suggesting the crypto sector is experiencing net capital inflow.

www.theblock.co/post/260640/total-stablecoin-supply-growth-signals-increased-capital-inflow-analysts-say

Disney And Square-Backed Games Tap Immutable And Polygon For Ethereum Scaling - The Defiant

More than a dozen GameFi projects have pledged to build on Immutable zkEVM, a forthcoming Polygon-powered Layer 2.

thedefiant.io/disney-and-square-backed-games-tap-immutable-and-polygon-for-ethereum-scaling

ProShares launches first short ether futures ETF for bearish traders

ProShares has launched SETH, designed to offer investors the opportunity to profit from ether price declines.

www.theblock.co/post/260698/proshares-launches-first-short-ether-futures-etf-for-bearish-traders

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