Net income for the quarter was reported at $75.46 million, or 28 cents per share, marking a notable turnaround from a loss of $2.27 million, or 1 cent per share, in the same quarter last year.

Custodial fee revenue also saw an increase, rising to $31.7 million, largely due to inflows associated with spot bitcoin ETFs, including those managed by BlackRock.

Additionally, revenue from Coinbase's subscription and services segment rose to $556.1 million, up from $334.4 million the previous year.

Coinbase serves three primary customer segments: consumers, institutions, and developers.

Consumers include individual retail customers interested in trading crypto assets and participating in on-chain activities.

Institutions encompass a wide range of businesses such as market makers, asset managers, hedge funds, banks, and corporations.

Developers consist of creators, merchants, and organizations that build decentralized protocols and applications on-chain.

The volatility in crypto markets has been influenced by regulatory developments, including the U.S. Securities and Exchange Commission's approval of an exchange-traded fund for bitcoin and ether.

Recent political shifts, particularly with Donald Trump positioning himself as a pro-bitcoin candidate, have altered market sentiment leading up to the 2024 elections.

Coinbase Global, Inc., the parent company of Coinbase, Inc. and its subsidiaries, reported a profitable third quarter on October 30, 2024.

The company's success was driven by increased trading volumes, which surged to $185 billion from $76 billion the previous year.

Overall revenue reached $1.21 billion, a significant increase from $674.15 million a year prior, with total transaction revenue nearly doubling to $572.5 million.