Coinbase posts surprise Q3 profit as insiders plan $2 billion share sales

Coinbase reported a surprise Q3 profit of $718.7 million, driven by a $715 million paper gain on crypto holdings rather than trading revenue. Core transaction revenue fell 44% as spot trading volume dropped 59%. Insiders including CEO Brian Armstrong, co-founder Fred Ehrsam and President Emilie Choi plan to sell up to 13.6 million shares over the next 14 months, covering about 6% of outstanding stock and worth roughly $2.2 billion at Thursday's close.